Apexindo raises capital for loan repayment

PT Apexindo Pratama Duta Tbk said it has raised $45.2 million from its first rights issue this year, which would be repaid to Medco Energi Finance Overseas BV in connection with the joint financing of the construction of rigs Raissa and Yani.

Offshore staff

(Indonesia) - PT Apexindo Pratama Duta Tbk said it has raised $45.2 million from its first rights issue this year, which would be repaid to Medco Energi Finance Overseas BV in connection with the joint financing of the construction of rigsRaissa and Yani.

The repayment would reduce the company's gearing ratio from 1.3x as of June 30, 2005 to approximately 0.6x, and result in opportunities to obtain new financing in order to support its expansion plans in the future.

Listed on the Jakarta Stock Exchange, the 21-year old Apexindo specializes in both onshore and offshore drilling activities through nine onshore drilling rigs and four submersible swamp barge rigs.

10/05/05

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