SeaDrill buys 32.3% stake in Apexindo

JAKARTA: SeaDrill Ltd., an oil-rig owner controlled by Norwegian billionaire John Fredriksen, has officially acquired a 32.3 percent stake in oil drilling firm PT Apexindo Pratama Duta through a rights issue for Rp 460.7 billion (about US$45.9 million).

In a release on Tuesday, the publicly listed company, a subsidiary of the country's largest locally controlled oil and gas firm PT Medco Energi Internasional, said the proceeds would be used to repay part of its debts to Medco Energi Finance Overseas BV.

According to the company's website, Apexindo recorded a net income of Rp 1.5 billion in the year's second quarter, a jump from Rp 34.9 billion in net losses it booked in the corresponding period the previous year.

The acquisition mean's the company's parent company Medco still holds the majority of shares, with a 52.4 percent stake, while the public investors control the remaining 15.3 percent. -- JP