Elnusa seeks Rp4.46 trillion revenue

Oil and gas services company PT Elnusa (ELSA) Tbk is working on geoscience service contracts worth US$47.9 million, most of which will be accomplished this year. How about the new contracts? Well, the company has only secured US$2.8 million contract so far.

Elnusa told IDX this morning that geoscience projects in Sumatra and Java will mainly be accomplished this year, including the 3D land seismic in South Sumatra (US$4.9 million) and 3D seismic in Jambi (US$5.4 million). The largest, land seismic project in Java, worth US$34.8 million will be accomplished this month.

Until third quarter 2009, Elnusa reported revenue of Rp2.49 trillion, increased 51%, from the same period in 2008, where geoscience unit contributed Rp960 billion or about 56% of total revenue in the upstream oil and gas services business. Elnusa reported EBITDA of Rp398.92 billion in Jan-Sep 2009, surged 92% from the same period of 2008.

ELSA is targeting Rp4.46 trillion of revenue this year. The company expects geoscience services would contribute Rp1.44 trillion. Elnusa currently has market capitalization of Rp2.37 trillion. Pertamina is controlling shareholder of this company, followed by Tri Daya Esta. Recapital Advisors has yet to close the acquisition of Tri Daya Esta's 37% shares in this company.

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