“The increase in earnings is largely supported by our new ships in 2012 and early last year,” Logindo cfo Sundap Carulli told local media.
He said in 2012, the company added five units of ships, which contributed to roughly $16m to the company’s earnings. Meanwhile, last year, it added two anchors and two handling, tug, and supply (AHTS) vessels, which added $6m to the top line.
He noted that as at the end of 2013, Logindo has an owned fleet of 58 vessels, consisting mostly of AHTS vessels geared for offshore oil and gas sector. He also said Logindo had recently purchased in February an 8,000-bhp AHTS for $17m.
“AHTS vessels are very much in demand right now for deep sea exploration activities,” he added. “We are planning to buy four or five new units of ships this year, including AHTS vessels for exploration purposes,” Sundap added, confirming the company’s announcement in November last year it planned to set aside $80m to procure new ships in 2014.
With its expanding fleet, Sundap said Logindo is aiming to secure $200m in new contracts this year. President director Eddy Logam, had earlier been reported as saying the company was involved in bidding for contracts worth an estimated value of $160m.
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