SEA: Indonesia : PT Ratu Prabu Energi Tbk

PT Ratu Prabu Energi Tbk is an Indonesia-based energy company. Its subsidiaries are PT Lekom Maras, which is engaged in oil and gas industry; PT Lekom Maras Pengabuan Inc, which operates an oil field, and PT Prabu Mutu Mulia, which is a property company. Ratu Prabu became a public company through a back-door listing by acquiring furniture company PT Arona Binasejati in July. Ratu Prabu then changed its core business to mining by purchasing PT Lekom Maras, bought for Rp 684 billion ($63.6 million). Ratu Prabu is also in the process of spinning off its property unit, PT Prabu Mutu Mulia.

The company exports its products to various countries, such as the United States, Canada, the United Kingdom, Germany, The Netherlands, Japan and Australia. Ratu Prabu announced that the company plans to loan worth US$ 300 million to fund buys. The company is planning to acquire new oil and gas fields in Myanmar, Vietnam and Cambodia. The domestic oil and gas fields studied by the company are located in East Java, Central Java and Papua.

In April 2009, Ratu Prabu started launching an aggressive business expansion by joining the coal and gold rush. The company will spend as much as US$500 million over the next years to mine gold and coal in East Kalimantan and Bengkulu. The company acquired an oil field in Binjai, North Sumatra worth US$5 million (RP 55 billion) which was owned by PT Putra Batu Mandi. The company moreover will take over an oil field in Sumatra with a total production capacity of between 2,000 and 3,000 barrels per day.

With its subsidiary PT Prabu Mutu Mulia, Ratu Prabu is also the operator of Ratu Prabu I and Ratu Prabu II office buildings located on Jl. T.B. Simatupang in South Jakarta, housing international companies engaged in the oil and gas sectors. The company's expansion is unlikely to stop there as it also plans the construction of four towers for offices, hotels, and apartments, dubbed as Ratu Prabu III, IV, V and VI, in North and South Jakarta representing a total investment of $300 million. These projects are scheduled to be completed in 2011.

Quick Financial Synopsis

For the three months ended 31 March 2009, PT Ratu Prabu Energi Tbk's revenues totalled RP161.81B, increased 100% from zero revenue in the previous year. Net income for the period totalled Rp 6.20 billion vs. a loss of Rp 3.63 billion in the prior year. Revenues reflect a presence of income from oil, gas, and services. Net income also reflects a presence of interest income, higher gain on foreign exchange, and higher other non-operating income.

Officers and directors

Burhanuddin Bur Maras
President Director

Gemilang Zaharin
Director, Corporate Secretary

Gregory Quin Maras
Director

Iskandar Syah
Director

Clyde Wiley
Director

Jean Bammel
Director

Derek Prabu Maras
President Commissioner

Andi Sangkala
Independent Commissioner

PT. Lekom Maras

History

Lekom Maras was founded in 1975 by Mr. B. Bur Maras who still serves the company as President Director. Mr. Maras holds a degree in Petroleum Engineering from the New Mexico Institute of Mining and Technology in the United States and in the 10 years prior to founding Lekom Maras, served in a number of engineering and project management positions with William Brothers Engineering Company, and the Becthel Corporation.

Initially the company provided non-destructive testing (NDT) service to the oil and gas industry. The company grew rapidly, however, and soon began to expand the services it provided to include consulting and technical manpower services and equipment supply. Over the ensuing years the company continued to grow and today is highly diversified company. The company's operations encompass an extensive range of product and services. Additionally, it is involved in a broad range of industry sectors including oil and gas exploration and production, petrochemicals, mining, general manufacturing, real estate development, and tourism. ::

Mission

Lekom Maras strives to understand and satisfy the needs of all its stakeholders. Our mission is to achieve a sustainable business whilst doing this.

Corporate Strategy

Although it is an internationally oriented company, Lekom Maras focuses its efforts on Indonesia, the largest and one of the most dynamic countries in the fast growing Asia Pacific region.

The company operates a number of successful divisions or sections that operate independently of foreign partnership or capital. The company's inventory of these highly specialized tools is valued at more the US$ 10 million. All of this equipment is owned by the company and the management and staff are permanent employees of Lekom Maras. For more than 7 years this division has successfully competed with, and in most cases out performed, large international firms providing similar services in Indonesia.

At the same time, however, Lekom Maras recognizes that to insure continued competitiveness and take full advantage of advanced technology and innovative business practices there is a great deal to be gained from strategic partnership with companies from other countries. Therefore, Lekom Maras also participates in various Indonesian operations have various configurations depending on the relative capital and management contribution required to be competitive for each particular situation. Lekom Maras is dedicated to the application of the most advanced technology and innovative business practices to continue to develop and expand the portfolio of services provided while maintaining excellence in customer service and satisfaction.

Entrepreneurial spirit and an ability to accept and adapt to change are cornerstones of success in today's competitive business environment. Lekom Maras embraces those principles as a key element of its business philosophy. ::

Corporate Operations

Lekom Maras generally operates with the divisional concept of corporate sructure. Each operating division has individual profit and loss responsibility and their respective heads are targeted with the development and growth unique to their respective divisional operations.

Technical Services and Inspection Group

This group was the backbone of the original company which was founded to provide non-destructive testing (NDT) services and has been continually expanded in scope through the years to now include a vast range of capabilities.

Consulting Personnel and Engineering Services provides support for drilling engineering, construction management, logistic, and other areas. Initially these services were provided primarily to the oil and gas industry, but today the company serves a broad range of industries in this field.

Quality Assurance and Quality Qontrol (QA/QC) Services provide a complete range of in-plant inspection and production control and expediting services on a worldwide basis.

Non-Destructive Testing (NDT) Services offers a complete range of radiographic, ultrasonic, magnetic particle and similar testing.

General Oilfield Services provides general oilfield support operations including hot tapping services for pipelines and plant piping.

Enhanced Oil Recovery and Produced Water Handling Services provides engineering and consultancy services in enhanced oil recovery and treatment of produced water for the petroleum industry.

Tubular Services provides all types of inspection and maintenance services for drill pipe and oil tubular goods.

Power and Supply Division

Lekom Maras serves as the exclusive sales agent in Indonesia for several major valve, fitting and instrumentation companies.