Jakarta, 30 Juli 2015

PT Logindo Samudramakmur Tbk. (“Perseroan”), a company engaged in the shipping sector with focus on provision of offshore support vessels (OSV) for the oil and gas industry, today announces its interim financial statement for the first six months of 2015.

Chief Financial Officer (CFO), Sundap Carulli stated “Following the unstable global oil price and continuing weak market demand, our financial performance is  adversely affected compared to last year. The Company’s revenue for the first six months of 2015 reached USD 25.6 million or 30% lower than the same period in 2014. Although most of our vessel operating and overhead costs are fixed, coupled with higher financing charges, the Company still manages to record profit for the first six months of USD 0.6 million.”

“Lower revenue is mostly due to reduced average vessel utilization rate in the first half to 63% (from 77% in 2014). Particularly for high-tiered AHTS vessels, utilization rate only reached 42% compared to 82% in 2014. In addition, vessel charter rates were also lower especially during 2nd quarter; by 5-10% for existing contract, and by 20-30% for new project or contract.”

President Director, Eddy K. Logam added “We have taken concrete cost saving measures to handle the current challenges, among others by warm stacking idle vessels and reducing significant number of crew. Apart from that, we are implementing efficiency in our organization and spend so that our operating and overhead cost will be more lean”

Eddy believes that this year will be challenging for oil and gas related industry, due to prolonged  oil price cycle and delayed reformation in government policy for the oil and gas sector. Nonetheless, Eddy remains optimistic that there would  be revival in activities and market demand at least towards the end of 2015.  “We have succeeded in obtaining a contract from ConocoPhilips worth USD 3 million and with M3NERGY worth USD 2.4 million which would commence during 4th quarter 2015. In addition, we are progressing a few new tenders  for example with Husky CNOOC and Petronas , all of which would be prospective for the next year.”

For further information, please contact:

PT Logindo Samudramakmur Tbk.

Head Office Graha Corner Stone
Jl. Rajawali Selatan II No. 1
Jakarta Pusat – 10720
Phone : +62 21 6471 3088
Fax : +62 21 6471 3220
Attention : Corporate Secretary / Investor Relation
Email : corporate@logindo.com
Website : www.logindo.com

Branch

Komp. Balikpapan Baru Blok G1 No. 7
Balikpapan, Kalimantan Timur – 76114
Phone : +62 542 872 090
Fax : +62 542 876 963

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