PT Sillo Maritime Perdana Tbk (SHIP) will use 97% of the IPO proceeds to acquire 50.84% stake in PT Suasa Benua Sukses (SBS), a shipping services company that specializes in the transport of gas. After the acquisition, the company predicts that its business income will increase by 53% by the end of this year.
Theresia Herjati, Sillo Maritime’s Finance Director, said that the SBS acquisition will complement the company’s business in the field of shipping services with a specialization in the provision of offshore support fleet of oil and gas upstream activities. “SBS has the LPG FSO vessels while Sillo has oil tankers. Acquisition will be implemented by the end of June 2016,” said Herjati. This acquisition will increase the company’s assets by 125% to US$ 52.46 million at the end of 2016. The company’s revenues will rise by 53% to US$ 23.87 million.
According to Edi Yosfi, a Director of Sillo Maritime, the SBS acquisition is in line with the company’s plan to expand its business to industrial producers of natural gas. During this time the company already has a long-term contract with China National Offshore Oil Corporation SES Ltd. (CNOOC SES Ltd), Petrochina International Jabung Ltd, Total E & P Indonesia, Chevron Indonesia, and ConocoPhillips Indonesia Inc. Ltd.
As of December 2015, the company’s revenue reached US$ 15.6 million, down 23.11% compared with last year’s US$ 20.29 million. The decrease in revenues is expected since in August 2015, the CNOOC 114 vessel has completed its 10-year contract in CNOOC SES Ltd and the ships were entered into a dry docking process. The dry docking process will be completed in the third quarter of 2016 to the fourth quarter of the same year. Only then will the ships resume operations. (*)
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