364
39
th
Annual Report
previous years, of Libyan Dinars 1,915,162. The net loss was charged to
retained earnings account, bringing it up to Libyan Dinars 297,839 as of
31 December 2011.
3. Manpower and Training
As of June 2012, the company employed 14 staff members, all Arabs.
4. Financial Results for the First Half of 2012
APSCO’s financial results for the first half ended 30 June 2012, are
summarized as follows:
LD’000
Total revenues
24.6
Total expenses
1,425.9
Losses for the period (1,401.3)
One million four hundred and one thousand and three hundred Libyan
dinars
V. THE ARAB DRILLING AND WORKOVER COMPAN (ADWOC)
The Arab Drilling and Workover Company is an Arab company
specialized in offshore/onshore oil and gas well drilling and workover. It
is a subsidiary of some OAPEC sponsored ventures.
The company was established in 1979 under an international agreement
between three companies: Arab Petroleum Services Company (APSCO),
Arab Petroleum Investments Corporation (APICORP), and Santa fee
International Services Company.
The company’s authorized capital is Libyan Dinars 12 million, and its
paid-up capital is Libyan Dinars 12 million, which was later increased to
Libyan Dinars 60 million. The company is located in Tripoli, Libya. In
2009 Santa fee sold its stake in ADWOC to First Energy Limited.
