PDSI booked $2.5m in profit last year

PT Pertamina Drilling Services Indonesia (PDSI), the drilling service arm of state owned oil and gas firm PT Pertamina, said on Tuesday it booked an unaudited net profit of US$2.487 million last year.

The firm however did not provide comparative figures from the previous year.

?Although operating costs rose 36.39 percent, operating profit recorded a significant growth, reaching 212 percent of the target. Net profit in 2015 reached $2.487 million (unaudited),? PDSI?s President Director Lelin Aprianto said.

The firm said in a statement that its sales rose significantly last year, 31 percent above target. EBITDA margin reached 32.71 percent

Rig productivity reached 43.4 percent, above the target of 34.8 percent set in the firm?s work and budget plan.

For this year, the firm targets rig availability at 98.54 percent and productivity at 49.38 percent. The firm plans to expand overseas this year, to countries such as Algeria, Brunei Darussalam and the Philippines. The firm will send a rig to Algeria around August to be used at Pertamina?s field in the country.

According to Lelin, leasing cost of rig has dropped 50 percent amid the oil price drop.

Editing by Johannes Simbolon