PDSI?s net profit exceeds target

PT Pertamina Drilling Services Indonesia (PDSI), a subsidiary of state-owned oil and gas firm PT Pertamina, said that despite the weak oil price environment, it managed to book a net profit of US$2.5 million last year, or nearly six percent higher than target.

PDSI President Director Lelin Eprianto said in a statement seen on Thursday that during the year, the company managed to complete drilling of 289 wells comprising of eight exploration drilling projects, 61 exploitation projects, and 220 workover programs.

Other performance indicators included rig availability rate of 98.87 percent, rig utilization rate of 49.95 percent, and rig productivity of 43.38 percent.

Elsewhere, Lelin said that the company has synergized with 13 other subsidiaries of parent company Pertamina. He said that about 89 percent, or $206.83 million, of last year revenue was derived from Pertamina?s upstream subsidiaries PT Pertamina EP, PT Pertamina Geothermal Energy, and PT Pertamina Hulu Energi.

Editing by Reiner Simanjuntak