Apexindo Eyes Geothermal Drilling Contracts

Summary

Indonesian drilling company PT Apexindo Pratama Duta Tbk (APEX) eyes a geothermal drilling contract to leverage its onshore rigs utilization, as it only reached. The company saw its onshore rig in October 2021, lower than four percent in 2020.

Lower activities and increased tender competition adversely impacted Apexindo's rig utilization rate. The offshore utilization rate through October 2021 reached 50 percent. Currently, Apexindo will focus on geothermal contracts for onshore drilling, although competition in the market is quite tight. Most of Apexindo's onshore drilling work is for geothermal projects by PT Pertamina Geothermal Energy. For the oil and gas sector, intense business competition also erodes APEX's revenue, although the company does quite a lot of work in this sector.

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