Petrosea appoints new president
Thursday, April 21 2016 - 03:28 AM WIB
Shareholders at IDX-listed PT Petrosea Tbk, which is engaged in coal mining services, oil and gas services, and engineering design and project management, appointed Hanifa Indrajaya as the company?s new President Director, replacing Richard Bruce Ness.
Hanifa said that going forward the Petrosea aims to become an innovative company able to respond to the challenges among others provided by the current commodity downturn.
The company has said it aims to reduce the contribution of the coal services division to its total revenue to 65 percent from 85 percent last year amid the lingering coal downturn, increasing the contribution of the engineering and project management business.
Meanwhile, Petrosea Finance Director Kurnia Ariawan said that the company currently has coal mining services contracts worth US$437.38 million from three clients including coal mining firms PT Kideco Jaya Agung (KJA), Bayan Group, and Indoasia Cemerlang.
He explained that the company holds a $200 million contract obtained from KJA for the period of 2011-2018 to carry out mining services in East Kalimantan. He said that the contract was renewed late last year. Another $160 million contract is for mining services at Bayan Group?s Tabang coal mine in East Kalimantan for the period of 2014-2021.
In January of this year, Petrosea signed a mining services contract with Indoasia, a South Kalimantan coal miner, for 2016-2017, including overburden removal, lease of equipment and coal transportation vehicle as well as deployment of personnel.
Petrosea sets overburden removal volume of 66 million bcm for this year, the same as last year. Overburden removal target at the KJA mine for this year has been set at 41.91 million bcm, Tabang Coal at 6.21 million bcm, and Indonesia at 17.84 million bcm.
Kurnia said the company is seeking to get new clients this year.
Editing by Reiner Simanjuntak