Radiant Utama eyes more FPSO contracts this year
Tuesday, January 24 2012 - 08:36 AM WIB
Oil and gas service company PT Radiant Utama Interinsco Tbk through its unit PT Supraco Lines is looking to secure two to three Floating Production Storage Offloading (FPSOs) contracts this year, said Radiant President Director Sofwan Farisyi.
Sofwan said one of the FPSO tenders that it takes part in is located in western part of Indonesia with contract value of around US$50-60 million with a duration of five to six years.
?We are excpecting to win a major tender. One tender that we are taking part in will be announced in March-April this year,? he said.
The company targets to secure contracts at total value of around Rp1.5 trillion this year, of which Rp750 billion will be new contracts and the remaining were carried-over from the previous year. Last year, the company managed to secure contracts at Rp1.2 trillion total worth.
As an effort to expand its wing, the company plans to bring in new vessel worth around US$30 million to support its offshore oil and gas support business.
?We will bring in a new vessel this year. However, we haven't decided on the type and capacity of the one to bring in yet,? said Sofwan.
To support its working capital and refinancing needs, the company mulls a plan to launch rights issue -- issuing new shares to existing capital to raise funds -- valued at Rp300 billion to Rp400 billion.
Editing by Roffie Kurniawan