Apexindo still getting contracts

Publicly listed PT Apexindo Pratama Duta, the biggest oil and gas services company in Southeast Asia, said Tuesday it would remain upbeat about next year's prospects as contracts keep coming in despite the tough global economic environment.

"We aim to secure contracts with big oil and gas companies which have large reserves," said Apexindo president director Hertriono Kartowisastro.

For 2009, the company has so far secured US$279 million in contracts, including a 2-year contract with Chevron worth $32.6 million, a $43.9 million contract with Total E&P Indonesia and $26.9 million contract with Vico.

"We are now working to secure another contract from Total E&P Indonesia in Tunu, East Kalimantan," Hertriono added.

In the first nine months of 2008, Apexindo generated $182.5 million in revenue and managed to book $96.8 million in EBITDA -- or earnings before interest, taxes, depreciation and amortization.

"We expect to get $30-$40 million in net profits this year. We forecast our net profit will rise to $55 millions next year," vice president Tito Sulistio said.

Currently, the company operates eight on-shore rigs, six off-shore rigs and an FPSO (floating production storage and offloading facility), which is expected to start to contribute to revenue next year.

Apexindo's total capitalization, as of Nov. 4, was estimated at $680 million.

Tito, however, said the company had no plan to invest in more rigs next year and would only spend no more than $20 million on capital expenditure, mostly for maintenance.

On Nov. 14, local tracking company PT Mitra Rajasa bought 98.14 percent of the company's shares for $500 million.

Before the sale, Apexindo was 48.87 percent owned by the country's second largest oil producer PT Medco Energi International, 31.7 percent by Encore International Ltd, and the remainder by the Panigoro family and the public.

The acquisition of Apexindo has contributed to the increase in Mitra Rajasa's net profits by a multiple of 35 times from Rp 1.6 billion ($146,205) in the January-September period last year to Rp 58.4 billion during the same period this year. -- JP/hwa

source : http://www.thejakartapost.com/