Elnusa secures contracts worth US$182.26 million

IDX-listed Oil and gas service company PT Elnusa Tbk said it has secured oil and gas service contracts to be carried out in 2012 worth US$182.26 million.

Portion of the contracts were carried over from 2011.

The secured amount is still short $138.74 million of the company's total target of $321 million for 2012.

Corporate Secretary of PT Elnusa, Heru Samoedra said most of the contracts were related to oil field services. Heru expects to get more works related with geo-science next year.

Heru said revenues from downstream services contracts are expected to contribute 52 percent of the company?s revenues this year, followed by upstream oil and gas services 44 percent and the remaining from supporting services.

For 2012, the company expects revenues contribution from upstream-related works will rise to 51 percent to the company?s overall revenues, while revenues contribution from downstream sector will be lower at 46 percent and the remaining from supporting services.

In the first nine months to September, 2011, PT Elnusa posted revenues of Rp3.4 trillion, which represents an increase of 7.1 percent compared to Rp3.2 trillion of corresponding period in the previous year (9M10). (giok)