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Logindo bags new contracts worth US$30 million

JAKARTA ( – Offshore vessel support (OVS) company PT Logindo Samuderamakmur Tbk has secured four new contracts to supply four OVS to oil and gas companies to support their operation worth US$30 million.

President Director of Logindo Eddy Kurniawan Logam told reporters on Thursday it has secured contracts to supply vessels to production sharing contractor (PSC) of the West Madura Block, Offshore North West Java (ONWJ) block which is operated by Pertamina Hulu Energi and a company form South Korea.

In addition, the company has also secured contract to lease 21 vessels to Pertamina Hulu Mahakam, the new operator of Mahakam Block worth US$16.2 million.

Eddy said the company expects revenues to grow by 10% this year, supported by the rise of vessel utilization from 47% last year to around 60% this year.

Eddy believes that the oil and gas sector has begun to recover on the back of rising global oil price. Given this circumstance, the Special Task Force for Upstream Oil and Gas Business (SKK MIgas) expects oil and gas investment this year to reach US$12.6 billion, up 35% from last year of US$9.33 billion. (*)

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