Logindo eyes new contracts worth $88m
Friday, March 31 2017 - 03:22 PM WIB
IDX-listed PT Logindo Samudramakmur Tbk, which provides offshore support vessels to the oil and gas industry, hopes to be able to obtain additional new contracts worth up to US$88 million this year.
Logindo Chief Financial Officer Sundap Carulli told Petromindo.com on Thursday that the company currently holds contracts worth $61 million, of which $5.6 million was obtained early this year, which he said is a good sign for the company in running its business throughout this year.
He said that the new contracts would increase the utilization rate of its vessel fleet, which last year only reached around 40 percent. He said that Logindo last year saw revenue dropped by 31 percent to $32.51 million from $47.12 million in the previous year.
He added that this year, the company plans to divest aging vessels of more than 15 years old. He said three units of tug boat and barge are currently in the process of being sold, while others will follow in a bid to help improve efficiency. Logindo also plans rights issue to raise funds to help finance its operations.
Meanwhile, Logindo President Director Eddy Kurniawan said he is optimistic about the industry?s outlook this year on the back of improving oil price environment and favorable government policies that would help trigger more oil and gas activities in the country.
Editing by Reiner Simanjuntak