SeaDrill buys 32.3% stake in Apexindo

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