JAKARTA – PT Apexindo Pratama Duta Tbk (APEX) has obtained an offshore drilling contract from PT Pertamina Hulu Mahakam (PHM) valued at USD 119.6 million or approximately IDR 1.96 trillion, assuming an exchange rate of IDR 16,400 per US dollar.

Mahar Atanta Sihombing, Director of APEX, stated that the drilling activities will take place in the Mahakam Block, Mahakam Delta, East Kalimantan.

“The agreed contract value is estimated at USD 119.7 million, with a project duration of 3.5 years,” Mahar said in an official statement to the Indonesia Stock Exchange (IDX) on Monday (17/3).

With this contract, APEX is expected to generate approximately USD 34.3 million annually. Mahar noted that this partnership will boost the company’s rig utilisation and have a positive impact on APEX's revenue over the next three years.

According to data from IDNFinancials.com, by the third quarter of 2024, APEX recorded revenues of USD 60.8 million, up 29.6% year-on-year (yoy) from USD 46.9 million in 2023.

However, the company’s net profit dropped by 12% to USD 972,000 in 2024, as net profit margins shrank to 1.6%. (DK/ZH)