Elnusa set to grab new major seismic contract

IDX-listed oil and gas services company PT Elnusa Tbk is hopeful to soon sign a new major 3D seismic contract, Kontan reported on Tuesday.

?There is a client candidate. It?s large project but it is not yet official. It?s a 3D seismic project, the project is quite large. We could not yet disclose it, it?s not yet official, probably over the next few weeks, we?ll announce it,? Elnusa Investor Relations Manager Rifqi Budi Prasetyo told the paper, but did not provide further details.

Elnusa in May of last year bought a new seismic vessel called Elsa Regent. The company said that the new vessel has capacities unrivalled in Indonesia. It is capable of carrying 12 streamers, each with length of 10 km. This makes it able to carry out seismic survey on vast sea areas and produce highly-accurate 3D seismic pictures of underwater condition.

The paper said that Elnusa has so far obtained two 3D seismic contracts and one drilling contract this year. The company expects the new contracts will increase revenue by 10 percent this year from Rp 3.6 trillion last year, about half of which was contributed by seismic, drilling, and oil and gas service businesses.

In the first quarter of this year, revenue increased slightly by 5.3 percent to Rp 969.92 billion from Rp 921.1 billion the corresponding quarter of last year. (*)