Jakarta. Petrindo Jaya Kreasi has acquired 34 percent of the shares in Petrosea (PTRO). 

Petrindo had already completed its transactions with Caraka Reksa Optima for this acquisition.

“Petrosea will continue to diversify its portfolio to seize new business opportunities in several projects,” Petrindo Jaya Kreasi’s chief financial officer Kartika Hendrawan said. 

Petrosea and BP Berau Ltd. have signed a contract for Initial Onshore Engineering, Procurement and Construction (EPC) work for the Ubadari, Tangguh EGR/CCUS, and Tangguh Onshore Compression (UCC) projects with an estimated contract value of $302 million. Petrosea also signed a mining services contract worth $511 million with PT Pasir Bara Prima. 

"Petrosea also succeeded in maintaining organic growth in contract value by obtaining new contracts from new strategic clients in the EPC business line and Mining Contract business line which resulted in the company recording an order book of $2.81 billion, an increase of 80.13 percent from $1.56 billion in the previous year," Kartika said. 

The meeting also approved the use of net profit for the 2023 financial year attributable to the owners of the parent entity, amounting to Rp 238.3 billion, all of which was recorded as retained profit to finance the company's business activities.

Petrindo management also submitted a report on how the company had used the proceeds from its public offering, which amounted to 1.69 billion shares with an initial public offering value of Rp 371.8 billion. Petrindo had used Rp 7.9 billion for public offering costs. It had also used Rp 218.5 billion for capital payments to the company's subsidiary, namely PT Tamtama Perkasa. About Rp 27.1 billion went to the capital expenditure for the construction of the Intermediate Stockpile (ISP) and supporting infrastructure. There were still around Rp 118.3 billion remaining. Petrindo had placed all remaining proceeds in a checking account at Bank Mandiri. Petrindo will report the use of funds from the public offering to the Financial Services Authority (OJK).