PDSI?s net profit jumps by over 234%

PT Pertamina Drilling Services Indonesia (PDSI) said net profit last year surged by 234.61 percent to US$8.7 million from $2.6 million in the previous year.

This marked a turnaround in the company?s financial performance after suffering from the impact of oil price drop in the previous years, said PDSI President Director Lelin Eprianto in a statement obtained Thursday.

Lelin said that the productivity rate of its 43 rigs increased to 48.3 percent last year from 43.4 percent in 2015.

?With the (2016) results, PDSI is optimistic on its business prospect by continuing to invest in new rigs. PDSI continues to grow although crude oil price remains at low level,? said Lelin.

PDSI plans to spend $45.73 million in new investment this year, about 78 percent of which to be used for the purchase of new drilling equipment, while the remainders for business development, and health, safety, security, and environmental equipment.

PDSI will also continue to take breakthrough measures to keep on growing amid the lingering challenging business environment. Among of the measures include using rigs with high technology standard and productivity. ?By using latest technology rigs (rig walking and skidding), the transfer of rigs can be made quicker, more efficient and productive,? PDSI said in the statement.

Editing by Reiner Simanjuntak