Mar 6, 2012

Petrosea seals US$188 mio contract

Coal mining contractor PT Petrosea Tbk has secured a US$188 million additional contract from its affiliated firm PT Santan Batubara.
Wadyono Suliantoro, Presiden Direktur of Petrosea, in a filling to Indonesia Stock Exchange today, said the contract is related to mining works at Blok Uskap.
Adding to that, Petrosea is also working for Separi Block, East Kalimantan. In total, Petrosea has secured US$399 million contract until Desember 2016. Petrosea controls 50% stake in Santan Batubara and the remaining is owned by PT Harum Energy Tbk. Per September 2011, Santan Batubara contributed revenue of US$38.49 million or 20.83% of Petrosea's consolidated revenue.

Disclosure: No position at the stock mentioned above.

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