Elnusa expects to book $38.5 million in new contracts

IDX-listed oil and gas service company PT. Elnusa Tbk (ELSA), an integrated oil and gas service company, expects to book new contracts worth about US$38.5 million within the next months in order to meet its new contract target of $315 million this year.

Elnusa?s Corporate Secretary Fajriyah Usman said that the company expected to secure contracts for the development of four or five new oil and gas working areas in Kalimantan, Java and Jambi.

If the contracts could reach this year?s target of $315 million, he said, the company would be on track to meet its revenue target of Rp 5.6 trillion. With such revenue target, the company would be able to make profits again after being in the red last year, he added.

The company booked new contracts worth about $226.5 million as of August, this year. The contracts booked in the first eight months accounted for 83 percent of the new contract target this year. If it is included with carryover contracts from the previous years, the total value of contracts held by the company totaled $430 million.

Seismic services contributed $139.2 million or 74 percent of the total contract, oil and gas field maintenance service about $41.36 million and drilling service about $7.52 million. (*)