Petrosea secures financing worth $75 million

Indonesia-listed mining contractor firm PT Petrosea Tbk has secured financing worth US$75 million from multifinance company PT Austindo Nusantara Jaya Finance to buy heavy equipment to support its mining operations.

Petrosea corporate secretary Meinar Kusumastuti said in Jakarta on Wednesday that the company received the financing facility from the subsidiary of the Austindo Nusantara Jaya Group on Jan.14, 2012, Bisnis Indonesia daily reported today

Meinar said that Petrosea had cooperated with ANJ Finance since 2008 in financing especially in leasing facilities for purchases of heavy equipment for mining operations.

?The new financing facility will be used for purchasing heavy equipment. ANJ Finance agreed to increase credit facilities for 24 months,? Meinar said.

Petrosea booked total revenues of about US$263.76 million last year, a 41 perent increase from $186.96 million in 2010. New profit rose to $52.64 million from $42.25 million in the previous year. (*)