TotalFinaElf Awards Long Term Contracts to PT Apexindo

PT Apexindo has been awarded two long-term contracts by TotalFinaElf for work in the Mahakam Delta offshore East Kalimantan. The first contract is valued at US $93.8 million over the next eight years with an option period of five years. The second contract is valued at US $47.7 million and is for a period of three years. PT Apexindo will use its newbuild swamp barge for this project. The rig is currently under construction at the Keppel FELS yard in Singapore and is expected to be complete by the second quarter 2003.