Oct 26, 2010

Petrosea, Kideco & US$200 mio contract

Engineering and coal mining contractor PT Petrosea Tbk (PTRO) has secured 1st contract with coal miner PT Kideco Jaya Agung, a 46% owned by PT Indika Energy Tbk (INDY).
Petrosea has signed a 5-year mining coal contract with Kideco at Samarangau, East Kalimantan, with an estimated value of US$200 million.
Indika Energy owns both Petrosea (98.55%) and Kideco (46%).
“We are very pleased with this progress. This is a concrete development for Indika Energy as these two companies begin to derive synergy from each other’s capabilities and resources to tap the growth potential of the energy industry” said Arsjad Rasjid, Indika President Director, in a press statement.
By securing the contract, Petrose has sealed US$890.7 million contracts. Petrosea has also bagged supply base contract worth US$18.5 million from Total E&P Indonesie.

Disclosure: No position at the stock mentioned above. 

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