Monday, April 21, 2008
Chevron Extends Apexindo`s Drilling Contract by Two Years to 2010
Source: Antara News

Jakarta (ANTARA News) - Indonesia's leading rig operator PT Apexindo Pratama Duta Tbk said on Monday Chevron Geothermal Salak Ltd, a unit of Chevron Corporation, has extended the existing contract on its drilling Rig 4 by two years until 2010, for an additional $32.6 million.

The extension provided a 19.1 percent increase in day rate for Rig 4, said Apexindo finance director Agustinus Lomboan.

"The contract value will definitely be a significant contribution from its onshore segment to the company's growth. This hopefully, will result in a higher profitability level," he told Thomson Financial.

Lomboan said Rig 4 has been contracted for the geothermal project since 2002 and has kept a good safety record, with zero lost time and accident and with minimum mechanical breakdown.

The geothermal project is located in mount Salak in West Java province.