Wednesday, March 10, 2010

Elnusa Secures US$20 Mln Oilfield Service Contract

Oil and gas service company PT Elnusa (ELSA) Tbk, a unit of Pertamina said it has secured oilfield maintenance service contract worth US$20 million. The projects will be located in Java and East Kalimantan.
In the first two months of this year, Elnusa already secured oilfield service contract worth US$55.19 million.
It said it will use hydraulic work-over, snubbing and well testing barge in taking care of the oilfields. It said at present, the company’s oilfield service division is also finalizing work-over projects, snubbing and well testing barge in East Kalimatnan worth US$28.92 million. In addition, it is also working on ongoing maintenance service project for a pipeline and production facilities in Java and Sumatra worth US$6.27 million.
Heru Samodra, VP corporate secretary of Elnusa said, “To strengthen our core business in providing integrated service to oil-gas upstream sector and maintain business growth, Elnusa has set aside capex (capital expenditure) of US$70 million this year. The fund will come from internal cash-flow.”
Elnusa engages in providing integrated geosciences services, drilling services and oil-field services. The company targets to post revenues of Rp 4.46 trillion this year, up 29 percent from last year. Pertamina holds 41.1% stake in Elnusa. In February this year, PT Benakat Petroleum Energy bought 37.2 percent stake in the company from PT Triday Esta. The remainder shares are held by the public.
Elnusa closed at Rp330 today. At that price, Elnusa has market capitalization of Rp2.41 trillion or about US$260 million. (Roffie Kurniawan)

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