Elnusa secures $90m loan to finance projects

IDX-listed services company PT.Elnusa Tbk has obtained US$90 million loan from three banks to finance upstream projects it had secured in 2008.

CEO Eteng Salam said the loan, which came from Bank Central Asia, Bank Danamon, both from Indonesia and French corporate and investment bank Natixis, would be used to finance seismic, drilling and oilfield activities.

Elnusa plans to spend $120 million in capital expenditure this year and has secured orders of $114 million from customers as per April 2008. The projects came from Total EP, PetyroChina, Medco, Chevron and BoB Bumi Siak Pusako. Corporate Secretary Heru Samodra said the company has just won $36 million marine seismic works from BP Indonesia and M3 Energy and $11million working barge supply for Total. (godang/Bernard)