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Apexindo projects revenues to rise by 10-20 pct this year despite low oil price

 

JAKARTA (rambuenergy.com) – PT Apexindo Pratama Duta Tbk, an oil and gas service company, projects revenues to rise by between 10 to 20 percent this year, driven by ongoing oil and gas drilling service and contracts. The rise indicates the company remains upbeat despite low oil price.

Erwin Sutanto, Vice PResident Director Apexindo Pratama was quoted by Kontan daily as saying that the company expects revenues to reach US$290 million this year, while net profit is projected to reach US$30 million. He did not give 2014 results as the financial report is being finalized.

The revenues are to be contributed from on going drilling contracts from a number of major oil and gas companies, such as Total E&P Indonesie for drilling wells within Mahakam Block. As for this year, the company will get additional revenues from two-year drilling contract from Petronas Carigali SBn Bhd worth US$52 million per annum, contract from PT Vico to drill its wells in East Kalimantan as well as from ConocoPhillips to carry out drilling works in Jambi and South Sumatera.

Erwin said its contract on hand up until 2017 reached US$617.2 million. Most of the contracted works are for drilling service.

In addition, the company plans to issue bonds worth US$500 million this year to refinance its debts. (*)

 

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