Press Releases

De Raj Group AG started into fiscal year 2018 gaining long-term contract valued USD 386 million resulting in an order backlog of EUR 331 million at 31 March 2018

Cologne, 29th May 2018

The De Raj Group AG, Cologne, (ISIN: DE000A2GSWR1, Vienna Stock Exchange) started into fiscal year 2018 gaining a long-term contract for a Floating Production Unit (FPU) offshore Indonesian waters for an international client in March 2018. The contract valued at USD 386.3 million is a Build Own Operate and Lease (BOOL) model for a fixed period of ten years, which will provide additional long-term steady revenue of USD 39 million per year to De Raj Group once it becomes operational in the later part of 2019. Order backlog of EUR 331 million at end of first quarter 2018 (31 March) benefited from this new order.

The De Raj Group AG finished its first quarter 2018 with revenue of EUR 3.4 million, a gross profit of EUR 1.8 million, an operating result (EBIT) on Group level of EUR 0.5 million resulting in a net profit of EUR 0.2 million in line with planning. Equity ratio increased from 80% at year-end 2017 to 82% backing future growth perspectives.

In the coming quarters in 2018, Management expects to add to the order book a green project from the Malaysian Government, valued at USD 240 million for a seven-year period involving the change out of street lighting to LED lights on Federal Roads. This Government initiative has had very good results from a pilot project valued at USD 25 million undertaken over a seven-year period by our partner.

De Raj Group’s total personnel of 62 employees as of 31 March 2018 were split into 34 employees based in Indonesia (all of them are crew members for the rigs) and 28 employees based in Malaysia (15 of them represent management functions and 13 of them are engineers).