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LOGINDO SETS $64M TARGET IN CONTRACTS

Posted on February 06, 2014 on 06:56:24 WIB

Logindo Samudramakmur, an oil and gas shipping company, is hoping to win $64 million in contracts next year on expectation of high demand in the industry. Eddy Logam, president director of Logindo, told reporters on Wednesday that the company was currently bidding for various tenders to provide oil transportation services. The total combined value of the contracts is estimated to be $160 million. “The bidding processes are in various stages now. We are targeting to have about 30 percent to 40 percent of them,” Eddy said. Logindo offers services to oil companies working in offshore drilling. According to Eddy, the company’s biggest client is now Total E&P Indonesie, a wholly owned subsidiary of France-based energy giant Total. Eddy said demand for such services in 2014 would be strong on the back of the Indonesian government’s target to boost oil production. He also said that many oil and gas companies had begun looking for offshore services in the past few months to work on projects early next year. “Demand is quite significant for offshore support vessels with big capacity because we are seeing a number of major companies that will start deep-sea drilling,” he said. The country set oil production to reach 870,000 barrels per day next year from this year’s target of 860,000 bpd, according to budget documents from the Finance Ministry. Logindo will spend $80 million in capital expenditure to expand its fleet in 2014. At an investors’ meeting last month, Eddy said the capex would be enough to buy up to five new ships to add to its existing 58. Eddy said he hoped that demand for Logindo’s services and the expansion of its fleet would help the company increase earnings by more than 40 percent. This year, revenue is estimated to be at least $55 million with net income of $15 million — 70 percent higher than net income and revenue for 2012, Eddy noted. Shares of Logindo closed unchanged at its initial public offering price of Rp 2,800 on debut trading Wednesday. The company raised Rp 356 billion from selling a 30 percent stake in the IPO. Fifty-eight percent of the proceeds will go for paying off debt, 40 percent for the capex, and the remaining 2 percent for working capital.


Source: Jakarta Globe, 12 December 2013

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