Jakarta. PT Petrosea Tbk (PTRO) hereby announces the latest developments regarding the company’s performance. Throughout 2024, Petrosea successfully ended the year with a total contract acquisition value (backlog) of Rp 64.3 trillion, marking a significant growth compared to previous years. This backlog value also represents the highest value in over five decades of Petrosea’s operations in the mining and construction sectors. 

Furthermore, the corporate action conducted by the Company in the form of a stock split was also a significant achievement. The stock split with a ratio of 1:10 in early January 2025 has become a catalyst in increasing stock liquidity and the number of shareholders which increased from 12,883 investors at the end of 2024 to 49,796 investors by the end of January 2025. Out of this total, institutional shareholders increased from 195 institutions to 284 institutions, meanwhile, individual investors also increased from 12,688 individuals to 49,512 individuals. The number of foreign investors also increased from 109 to 125, although its growth was not as significant as national investors. 

In May and June 2024, Petrosea also sold all the company’s treasury stocks to the public. As of  31 January 2025, the number of Petrosea’s free float shares reached 27.25 percent. 

“With expertise and a track record of more than five decades in the industry, Petrosea is in a strong position to realize its business strategies and deliver added value to our diverse investors. This achievement reflects the growing trust from the public and investors in Petrosea’s performance and growth prospects, both now and in the upcoming future,” said Kartika Hendrawan, Chief Investment  Officer of PT Petrosea Tbk. 

Several new contracts were obtained by the Company, amongst others a mining services agreement with PT Pasir Bara Prima with a life of mine duration and contract value of Rp 17.4 trillion. In addition, Petrosea signed an Onshore Early Works EPC agreement for the Ubadari, Tangguh EGR/CCUS &  Tangguh Onshore Compression (UCC) project with a contract value of Rp 4.6 trillion and duration of  24 months, as well as a procurement and construction agreement for the development of the Pomalaa Block mine with PT Vale Indonesia with a contract value of Rp 2.8 trillion and duration of 24 months. 

The success of fundraising to support expansion and corporate actions through Bonds, Sukuk and  Bank Facilities reached more than Rp 12 trillion. 

Petrosea successfully completed the Continuous Public Offering for its Shelf-Registered Bonds I  Phase I 2024 and Shelf-Registered Sukuk Ijarah I Phase I 2024 worth Rp 1.5 trillion which successfully oversubscribed and was listed on the Indonesia Stock Exchange on 16 December 2024. The Bonds and  Sukuk obtained an idA+ dan idA+(sy) (Stable Outlook) rating from PT Pemeringkat Efek Indonesia  (PEFINDO) and was the Company’s first-ever offering in the Bonds and Sukuk market since Petrosea’s establishment in 1972.

Furthermore, Petrosea obtained funding support from several national banks, including PT Bank Central Asia Tbk, PT Bank Negara Indonesia (Persero) Tbk, and PT Bank Mandiri (Persero) Tbk, with total facilities reaching Rp 11.1 trillion. This funding is being used to support capital expenditure and investments in mining equipment, including to strengthen working capital. This support also represents the banking sector’s confidence in the Company. 

“We are extremely grateful to all investors and other stakeholders for their trust in Petrosea, which has enabled us to continue our growth and deliver sustainable added value,” said Kartika  Hendrawan, Chief Investment Officer of PT Petrosea Tbk. 

Petrosea offers various pit-to-port project services, including open pit contract mining services, civil &  infrastructure construction, mining project management services, technical and feasibility study consulting services, mine planning and optimization services, and its Minerva Digital Platform solution that leverages the latest digital technologies to increase efficiency and productivity, as well as be applied at each mineral and coal mining operation. Petrosea also has the capability to monitor and control operational activities at multiple sites by utilizing real-time data through its Remote  Operations Center which is located at the Company’s headquarters. 

All of Petrosea’s operational and financial performance targets are supported by a strong Health,  Safety, and Environment (SHE) culture through the implementation of target zero accident, operational excellence, and continuous improvement, as well as risk management and Good Corporate Governance (GCG) factors as the backbone of the Company’s sustainability. 

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