Aban buys 52% of Indonesian driller

Vol 10, PW 3 (01 Jun 06) News in Brief

Chennai-based driller Aban Loyd has bought a controlling (52%) equity stake in an Indonesian drilling company making it a significant service provider in oil rich Indonesia.

PETROWATCH learns the deal was concluded on 23rd May to buy 51.97 % of the issued and paid up shares of PT Apexindo Pratama Duta Tbk from PT Medco Energi Internasional Tbk. On 18th May, Aban told the Bombay Stock Exchange and by 23rd May negotiations were completed.

PT Apexindo Pratama owns four submersible swamp barges, one jack-up rig, nine onshore drilling rigs and one jack-up rig under construction. Swamp barges Maera, Raisis, Raissa and Yani are on long-term contracts with Total in Indonesia and jack-up Rani Woro is on a three-month contract to Crescent Petroleum in United Arab Emirates.

All the onshore rigs are in Indonesia. Aban Loyd already has six offshore rigs working in India.

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