Rig Tenders Indonesia (RIGS.JK) Received USD1.08 Million From a Ship Sale

Foto: Rig Tenders Indonesia

PT Rig Tenders Indonesia Tbk (RIGS.JK), a shipping company from Indonesia, reported a sale of one of its ships. An accommodation work barge named DUTA 7 was sold to Keyfield OSV Limited with a total value of USD1.08 million.

The ship sale was done based on the Norwegian Shipbrokers' Association's Memorandum of Agreement for Sale and Purchase of Ships (MOA) dated 9 November 2021. The proceed from the transaction was received by the Company on the same date as the signing date of the MOA.

The Company stated that DUTA 7 had a book value of USD1.08 million on that date and had been classified as an asset held for sale. Therefore, neither gain nor loss has been recorded from the transaction. 

The selling of DUTA 7 was believed by the Company would give a positive impact on both its operational and financial condition. The Company can focus on maintaining its existing ships, reducing maintenance, depreciation, and finance costs, thus increasing its profitability.

Until the first quarter of 2021, RIGS.JK has recorded a net loss of USD2.38 million, compared to a net income of USD1.77 million in the same period last year. The revenue has decreased from USD25.5 million to USD12.2 million.

At the trading session on 9 September 2021, RIGS.JK share was closed at a level of IDR334 per share. Since this year, RIGS.JK share price has been increased 25.56%.