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Apexindo Pratama Duta (APEX) Targets Increase in Drilling Rig Utilization

Tue 17 Jan 2023, 08:00 AM



PT Apexindo Pratama Duta Tbk (APEX) targets to increase rig utilization for this year.

APEX Corporate Secretary Frieda Salvantina explained that currently several drilling rigs owned by the company are still under contract.

"This year, the company's three offshore rigs, namely Raisis Rig, Yani Rig and Tasha Rig, will still continue the drilling contracts obtained and have started in 2021," Frieda said to Kontan, Wednesday (11/1).

Frieda continued, one APEX land rig, namely Rig 9, is now in preparation for a geothermal drilling project from Pertamina Geothermal Energy (PGE) Ulubelu. Drilling is scheduled to begin in the first quarter of this year.

With this condition, APEX targets revenue performance this year is projected to be not much different from 2022. However, Frieda ensures that efforts to increase rig utilization will continue.

"The company is also continuing to try to get contracts for rigs that are still idle both offshore and onshore rig segments," Frieda said.

In addition to increasing rig utilization, APEX also implemented a cost control strategy to maintain performance this year. Although he did not specify the amount of capital expenditure disbursed for this year, Frieda explained that the funds prepared will be focused on the maintenance of offshore rigs.

"It is also allocated for the re-activation of ground rigs if there is a suitable contract or work," explained Frieda.

It was noted that APEX's revenue soared 55.54% on an annual basis from the original US$ 41.66 million in January-September 2021 to US$ 64.80 million in January-September 2022.

Meanwhile, APEX posted a net loss for the current period attributable to owners of the parent entity of US$ 63.40 million in January-September 2022 according to an increase in expenses on a number of expense posts.

Image source: PT Apexindo Pratama Duta


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