Aug 8, 2011

Indika unit seals US$746 mio contract

A consortium of Tripatra Engineers & Construction and Samsung Engineering Co Ltd has secured a US$746.3 million contract to construct a production facility at Banyu Urip oil field, Cepu Block.
President Director Tripatra Albert Steven Budisuteja said the contract is the largest of five EPC projects the oil field. The contract is part of the total investment of US$1.3 billion.
"The project will be strategic and become one of many fields that enables to jack up oil production in the country," he said last week.
Tripatra Engineers & Construction is a subsidiary of energy integrated company PT Indika Energy Tbk. In the first half financial performance, Indika that owns 46% shareholding in coal miner PT Kideco Jaya Agung, reported a 25.14% increase in net profit for the first 6 months of this year because higher profit contribution from associated companies. 
Indika booked Rp584.59 billion net profit 1H 2011 from Rp467.16 billion in 1H 2010. Profit from associated companies rose 32.62% to Rp956.49 billion from Rp721.23 billion.
Gross profit increased to Rp361.83 billion from Rp353.33 billion. Indika's consolidated revenue rose climbed 12.43% to Rp1.99 trillion from Rp1.77 trillion. The biggest contributor remained contract and services business with Rp1.83 trillion and the remaining of Rp159.42 billion came from coal mining business.
Loan from Citibank
Besides securing US$130 million loan facilities from Standard Chartered Bank and UBS AG consisting of US$65 million each in March, Indika also sealed another US$50 million facility from Citibank N.A. Indonesia on March 9 2011.
The facility, which will mature on April 29 2011, charges annual interest of 3% premium over Libor. Indika previously used the facility to acquire coal tug boat operator PT Mitrabahtera Segara Sejati Tbk (MBSS).

Disclosure: No position at the stock mentioned above.

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