JAKARTA. PT Apexindo Pratama Duta Tbk (APEX), an oil and gas drilling services company, has obtained a drilling contract from Medco E&P Grissik Ltd in the Suban area, South Sumatra.

Zainal Abidinsyah Siregar, President Director of APEX, said that the contract is worth IDR 193.48 billion. "The contract period is 30 months," said Siregar, through an official statement.

Siregar added that the contract will have a positive impact on APEX rig utilization. In addition, said Siregar, obtaining contracts will also increase the company's operating income.

According to idnfinancials.com data, APEX posted revenue of US$64.8 million as of September 30, 2022. However, the company suffered a loss of US$63.45 million, due to a loss on the sale of fixed assets which reached US$84.34 million.

APEX had total assets of US$264.18 million as of September 30 2022. Meanwhile, its total equity was recorded at US$67.77 million. (KR/LM)