Upstream oil and gas firm KrisEnergy has started drilling of the Mustika-1 exploration well in the KrisEnergy-operated Sakti production sharing contract (PSC) in the East Java Sea off Indonesia.
Drilling is expected to take about 20 days and is targeting the Kujung I carbonate formation, with a plan to reach a total measured depth of 3,100 ft (945m).
KrisEnergy is also the operator of the Bulu production sharing contract, which is next to the Sakti PSC and contains the Lengo gas field. The company won approval to develop this in December last year.
KrisEnergy said the decision to drill Mustika-1 at this time comes as the firm is finalising project details for the Lengo development. If the exploration is successful, KrisEnergy will look at producing Sakti gas through the Lengo facilities.
Offshore support vessel chartering group Otto Marine secured a long-term bareboat charter contract worth US$26 million (S$36.5 million) yesterday.
The group expects the contract to contribute positively to its financial performance over the next few years.
The charter is for a 238-man DP2 work maintenance vessel that is being built at a third-party yard. It will be delivered in three weeks and deployed in the Asia-Pacific region once its charter starts.
Steel specialist TTJ Holdings has reported a first-quarter net profit of $4.12 million, down 2 per cent from the same period a year ago, due mainly to an increase in foreign exchange losses.
Revenue in the three months to Oct 31 was $25.6 million, up 4 per cent from a year ago, thanks to a stronger contribution from the structural steel business.
Earnings per share came in at 1.18 cents, down from 1.20 cents a year ago, while net asset value per share was 37.87 cents as at Oct 31, up from 36.82 cents as at July 31.
TTJ's order book stands at $126 million for projects that it expects to substantially complete between the 2016 and 2018 financial years.