Created: Monday, 02 January 2017

Company Profile in The Oil and Gas Year Magazine 2016

Transamudra Usaha Sejahtera (TRUST), in a joint venture with exploration and production company M3Nergy, took out a $182-million loan in 2014 to fund the conversion of one of their tankers to a floating production, storage and offloading (FPSO) vessel. Now the Ratu Nusantara is under a five-year contract with Malaysian national oil company Petronas, operator of the Bukit Tua field in East Java, with the option of an extension for two more periods of one year.

TRUST is planning to take out more loans to convert another tanker into a FPSO unit. The company is currently bidding on long-term cotracts, including a tender for a floating production vessel on Canadian energy company Husky's madura BD block and shallow water gas projects in the Madura straight. Husky estimates the fields will be brought into production betwween 2017 and 2019.

"We are relatively young company but we are a strong local player and will get stronger. Our strategy is to continue to bid for long-term projects like the one with Petronas and convert remaining tankers into floating production units," Fathan Kamil, director of TRUST, told TOGY.

TOTAL CONTRACT: Since 2014, TRUST has been working on a five-year contract with Total Indonesia to provide two well-testing barges in the Mahakam oil and gas field.

GLOBAL GOALS: TRUST plans to become a top-tier international player in the oild and gas marine services sector and the company is looking to expand regionally to Malaysia, Sri Lanka, Thailand and Bangkok.  "We need to diversify our operations and our asserts, and provide offshore support vessels for drilling," said Kamil.

"The end goal is to expand the fleet and expand our reach in the region, so we will look at all possible options to secure the necessary funding."

LOCAL FOCUS: New local content regulations, such as requiring a percentage of contract work with local companies, will ensure that businesses like TRUST benefit. The $6-billion port-expansion plan will also support the local maritime sector. "The government needs to invest in a management information system for networking between ports and for vessel management, Kamil told TOGY. An asset like that would improve coordination between ports, save time and money, and make Indonesia's shipping industry world-class."

EXPANSION: Since its establishment in 2002 as privately held company, TRUST has seen rapid growth, from a small tanker operator to offshore marine services. With offices in Jakarta and Balikpapan, the company plans to open another branch office in Surabaya, East Java. The 170 employees are all locals.


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