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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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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