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Drilling contractor Bormindo secures US$43 million loans from Stanchart

JAKARTA (Rambu Energy) – Oil drilling contractor PT Bormindo Nusantara (BN), a subsidiary of PT Ancora Indonesia Resources Tbk, on Nov. 17, 2014 signed loan agreement with Standard Chartered Bank, Standard Chartered Bank Dubai International Financial Centre Branch and Standard Chartered Bank Jakarta branch (SCB). The banks agreed to extend US$43 million loans to Bormindo.

Ancora Indonesia said US$27 million of the loan will be used to refinance PT Bormindo Nusantara’s loan to PT Bank Mandiri and PT Bank Syariah Mandiri. As much as US$6 million will be used to strengthen its working capital and US$10 million for bank guarantee.

Bormindo Nusantara was found in 1981 as a national oil drilling contractor. Its first rig was a 350HP Frank Cabot 658, which served under a one-year contract in West Java.

Over the last few decades the company has secured drilling contracts from major oil and gas companies such as Chevron Pacific Indonesia (CPI), previously known as Caltex Pacific Indonesia, the largest oil producer in Indonesia. As of 2006, the company’s fleet had grown to 10 onshore rigs, representing approximately 8% of available rigs in Indonesia.

Ancora Indonesia Resources holds 60 percent shares in Bormindo. (*)

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