Apexindo renewal day rates increase by 20%

Indonesia's PT Apexindo Pratama Duta Tbk has had contracts of its two offshore submersible barges extended with a 20% increase in day rates.

(Asia-Pacific) - Indonesia's PT Apexindo Pratama Duta Tbk has had contracts of its two offshore submersible barges extended with a 20% increase in day rates.

Apexindo says the three-year contract for the two rigs,Raisis and Yani, were extended with Total E&P Indonesie for drilling in the Tunu gas field.

The extendedRaissis and Yani contracts are worth $46.9 million and $53.1 million, respectively.

Apexindo President Hertriono Kartowisastro says the contract extension reflects the demand for barge-based rigs, especially for shallow water drilling activities in Indonesia.

02/09/06

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