PDSI says 2019 performance above target
Thursday, February 13 2020 - 01:30 AM WIB
By Bernard Loebs
Oil and gas drilling contractor and rig provider PT Pertamina Drilling Services Indonesia (PDSI) said its overall performance in 2019 was encouraging which were reflected its higher-than-target revenues and some other indicators.
President Director of PDSI Budhi N. Pangaribuan said on consolidation basis, the company's revenues were above the company's Working Plan and Budget (WP&B) 2019 which was set at US$242 million.
The company booked revenues of US$208 million and net profit of US$24.74 million in 2019. The availability of rig was 99.53 percent, rig utility at 77.63 percent which is quite high given subdued oil and gas upstream industry and rig productivity at 69.73 percent.
Read also: PDSI books higher revenue, net profit
The 2019 revenues were higher than in the previous year at US$238 million and net profit at US$18 million.
The targets were attained through integrated strategies, namely strengthening the onshore and offshore service, strengthening offshore business, rig investment as well as the development of drilling support service through its subsidiary PDC.
Editing by Roffie Kurniawan