JAKARTA. PT Apexindo Pratama Duta Tbk (APEX) announced a new contract obtained from PT Pertamina Hulu Mahakam (PHM), one of subsidiaries of PT Pertamina (Persero).

This contract secured by APEX is for an offshore drilling project in Delta Mahakam, East Kalimantan. The contract value recorded by the company is USD 14.8 million, with working period set to 7 months, starting from August 20, 2024.

“It will positively affect rig utilisation and operating revenue of the company,” said Mahar Atanta Sembiring, Director of APEX, in the information disclosure in Indonesia Stock Exchange (IDX).

According to IDNFinancials data, APEX booked revenue of USD 18.79 million in the second quarter (Q2) of 2024. Its revenue soared 6.99% year-on-year (yoy), but it still reported loss of USD 1.37 million back in Q1 2024. (KR/ZH)