RMI eyes $35 million in revenues from drilling services

PT Resources Jaya Teknik Management Indonesia (RMI), an integrated oil and gas drilling service company owned by PT Sugih Energy Tbk, expects to raise at least US$35 million in total revenues next year, nearly 12 times the company?s projected revenues of about $3 million this year, Kontan reported on Friday.

Andhika Anindyaguna, the president director of Sugih Energy, said in Jakarta on Thursday that RMI was quite optimistic it would be able to achieve the target because of the increase in the contracts both for drilling services and rental of drilling equipment.

He said that at present RMI owned three drilling rigs and other drilling equipment to support its operations. ?One of them is used to support drilling activities at the Selong-1 well in the Lemang block, and the other one is used to drill a geothermal well in West Java,? he said.

Sugih Energy acquired 51 percent of RMI?s shares in June, this year from PT Parwa Nusantara Technology. RMI, which started its business in 1970, has become the main contributor of Sugih Energy?s earnings. (*)