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arine service provider PT Logindo Samudramakmur recently inked a deal with British oil company Premier Oil and is approaching more companies to meet its target of having five new clients this year.

Logindo has apparently signed an agreement with another company, but it refused to disclose the name of the new partner.

Logindo president director Eddy K. Logam said on Wednesday that the company was approaching two more firms, namely Pertamina Hulu Energi West Madura Offshore (PHE-WMO) and China National Offshore Oil Corporation (CNOOC).

The move is aimed at minimizing Logindo'€™s dependence on its existing four clients.

'€œOur biggest client is currently Total E&P. This year, we aim to maintain our income from that company at its current level. We, however, are aiming to lower its contribution to our total revenue by 60 to 70 percent with the emergence of new clients,'€ Eddy explained.

French-based oil and gas company Total E&P is Logindo'€™s biggest client in terms of contract, contributing about 82 percent to the service company'€™s total revenue last year, followed by Pertamina Hulu Energi Offshore North West Java (PHE-ONWJ) with 14 percent and Newmont Marine Services with 4 percent.

About 54 percent of the contracts Logindo currently handles span around two to three years. About 20 percent span less than two years, about 15 percent are for five years and the remaining 11 percent are for four years.

Logindo booked $59 million in revenue and $16.5 million net income in 2013, respectively 73 percent and 86 percent increases year-on-year. The increases were driven by rupiah depreciation thanks to its US dollar-denominated transactions.

Eddy also attributed the significant increases to the arrival of seven new vessels in 2012 and 2013, with the rental income from the new fleets contributing about 30 percent to the company'€™s revenue last year.

This year, the company targets to book a 40 percent annual increase in revenue. The company booked $18.2 million in revenue and $5.7 million in net profits in the first quarter of this year, rising about 50 percent and 62 percent, respectively, from the same period last year.

Logindo allocated $80 million in capital expenditure to buy four new vessels this year to support this year'€™s target. The source of financing will be from the company'€™s initial public offering (IPO) late last year, which gave the company a $30 million capital injection, and bank loans.

Eddy said that the company also planned to earn around $3 million from selling its five old vessels to support the company'€™s plan to buy new vessels.

The first vessel to be purchased this year arrived in February, bringing the company'€™s fleet to 60 ships.

Eddy explained that his company had 14 types of vessels to support the offshore industry, with average ages standing at nine years and with profit margins from leasing tariffs of between 25 and 75 percent.

Logindo shares '€” traded under the code LEAD on the Indonesia Stock Exchange (IDX) '€” closed at 3,550 each, down by 1.93 percent compared to the previous close at 3,620 per share.