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Logindo buys AHTS vessel to support offshore support operation

JAKARTA (Rambu Energy) – PT Logindo Samuderamakmur Tbk (LEAD.JK) said it has bought an anchor handling tug supply (AHTS) vessel with capacity of 12,000 BHP (bollard pull horse power) from Bharati Shipyard in Mumbai India worth US$28 million. The company said 70% funds needed to purchase vessel is financed by DBS Bank, Singapore and the remaining 30% comes from internal source.

The company said the vessel will soon operate in Natuna waters beginning from February 2014 to support offshore oil and gas activities in the area. Logind said it has secured a contract from an oil and gas firm. The vessel is currently stationed in Singapore to undergo a flag changing process. The vessel will be registered under Indonesia red-and-white flag.

President Director of PT Logindo Samudramakmur Eddy Kurniawan Logam said the company is committed to strengthen its fleet to support the government’s offshore oil and gas exploration and exploitation program. The new vessel will increase the company’s fleet to 59 vessels.

Eddy K. Logam said the vessel industry is wide open now after the government issues cabotage ruling, which requires only Indonesian red-white flag vessels that have the right to transport goods within Indonesian territory. “The ruling has made offshore shipping to be wide opened,” said Eddy Logam.

The AHTS is equippted with dynamic positioning (DP) system that enable the vessel to station at the exact position in deep sea area with the help of satellite. With the capacity to pull 12,000 BHP means that the vessel can be used to pull a Jack Up Rig.

Given the opened-up of offshore market, PT Logindo Samudramakmur Tbk is planning to add three to five advanced vessels per year to support offshore and deepwater oil and gas companies’ activities.

Logindo listed its shares on the Indonesian Stock Exchange on Dec 11, 2013. At present Logindo already has two AHTS vessels with capacity of 8,000-12,000 BHP, which are equipped with DPS technology. (RE-RK)

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