Elnusa raises additional loan from Natixis, enters marine seismic business

IDX-listed oil, gas and services firm PT Elnusa Tbk will raise additional loans of US$2.2 million from French bank Natixis to finance the recent purchases of two units of land seismic data acquisition equipment.

Elnusa said in a press statement on Thursday that the credit, which was signed last week would be guaranteed by France?s export credit agency COFACE.

The loan agreement would be the second to be signed with Natixis this year. The first agreement was signed in July under which Natixis agreed to provide credit export worth $4.5 million to Elnusa. Both export credits have a maturity period of five years and carry an annual interest rate of 3.95 percent and 4.08 percent, respectively.

Elnusa said it also planned to enter marine seismic business as part of expansion program. The company will establish a 50:50 joint venture (JV) firm with Norwegian company Bergen Oilfield Service (BOS).

Initially, BOS ELSA would lease vessels to conduct the offshore seismic operation. It will buy a vessel with 10 streamer lines for operation starting in 2010. BOS will invest in equipment while Elnusa will invest $60 million in streamers. (denny)