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Logindo increases full year earnings

Logindo increases full year earnings
Indonesia’s offshore services firm PT Logindo Samudramakmur has increased its earnings for the financial year 2014 over the previous year.

Net profit for last year rose 21.4% year-on-year to $19.98m while revenue also increased 17% to $69m.

The company attributed the improved results to its strategy to purchase and operate five bigger horsepower ships that has contributed 40% of the total revenue in 2014.

Eddy K Logam, president director of Logindo, said: “The company also managed to get some new customers to diversify and expand the customer base.”

In the declining oil price environment, Eddy remains optimistic about the development of the oil and gas industry in Indonesia.

“Oil and gas industry has a long business cycle. From the beginning of the stage of exploration, development and construction to production will take more than five years,” he said.

“Especially for Indonesia whereby oil production continues falling while consumption is increasing, then it has to immediately increase the exploration process to improve the reserve replacement ratio massively in order to be able to become an energy self-sufficent country.”

He added that “serious efforts” to convert the usage of oil to gas should continue to be pursued, and at the same time the new exploration process is expected to also find gas reserves in addition to oil reserves.

Currently, Logindo owns and operates 60 ships including AHTS vessels, PSVs, accommodation work barges, diving support vessels, and landing craft transport.

TAGS: Offshore