(September 10, 2025)--PEFINDO has affirmed its idA+ rating for PT Petrosea Tbk and its Shelf-Registered Bond I, as well as idA+(sy) rating for the Company’s Shelf Registered Sukuk Ijarah I. Outlook for the corporate rating is stable. The rating reflects Petrosea’s strong business position, integrated service, and strong financial profile. The rating is constrained by tight competition in the industry, as well as exposure to fluctuating commodity prices and environmental risk.
The rating may be raised if Petrosea is successfully strengthening its business position by substantially diversifying its business segment to non-mining and non-coal related revenues, as well as managing backlogs of long-term contracts with strong counterparties while maintaining a low financial leverage on a sustained basis. The rating may be lowered if Petrosea’s revenue or EBITDA falls significantly short of the targets or if the Company incurs more debt than projected without being compensated by higher EBITDA, which will aggravate its financial profile. Significantly lower sales volume from its key customers may also trigger a rating downgrade.
Petrosea provides mining contract services, construction and engineering, as well as logistic and support services to the mining, oil and gas, and infrastructure industry.
The share ownership structure as of June 30, 2025, was PT Kreasi Jaya Persada (KJP, 45.29%), PT Caraka Reksa Optima (CARA, 29.56%), Erwin Ciputra (0.09%), Michael (0.02%), Kartika Hendrawan (0.02%), and public (25.03%). KJP is owned by the Barito Group, with Prajogo Pangestu as the ultimate beneficial owner. (ends)
