Elnusa books new contracts worth $230 million

IDX-listed oil and gas service company PT Elnusa Tbk has booked new contracts worth up to US$230 million as of May, this year, Kontan reported on Saturday.

The company?s corporate secretary Heru Samoedra said in Jakarta on Friday that the new contracts included geosciences works worth $128 million and oilfield service worth $84 million.

Heru said that the company?s management was upbeat that it would be able to secure other contracts worth about $92 million in the rest of the year in order to meet this year?s new contract target of $321 million.

This year, Elnusa expects to book total revenues of about Rp 5.6 trillion, a 18.89 increase from Rp 4.7 trillion in last year. Heru said that the upstream sector was projected to contribute Rp 2.95 trillion to the total revenues. The company expects to book net profits of about Rp 111 billion this year.

Elnusa still relies on bank loans to finance the company?s projects estimated to be worth about Rp 2 trillion this year. In the first quarter of this year, the company?s loans reached about $112.4 million. (*)