Offshore staff

JAKARTA, Indonesia -- Indonesia's PT Apexindo Pratama Duta Tbk. says its jackup rig, Raniworo will complete dry-docking in the middle of May and go on to complete a well for Crescent Petroleum Co. Inc.

TheRaniworo has been dry-docked in the Middle East since February, Apexindo says. The dry-docking impacted the company's profitability, with the offshore segment contribution dropping by 11.1% to $20.1 million for 1Q 2007, Apexindo says.

Apexindo reported stronger earnings from the onshore segment, with improved rig utilization during the quarter, boosting earnings contribution by 77.8% to $16 million.

Overall, this boosted 1Q revenue by 14.2% to $36.1 million, but 1Q net profit dropped by 35.5% to $5.9 million, the company says.

Agustinus B. Lomboan, Apexindo's finance director, has projected improved earnings for the full year, with revenue to be increased by earnings from the new jackup,Soehanah going into operations.

5/3/2007