Elnusa sets up marine support subsidiary
Tuesday, November 12 2013 - 12:05 PM WIB
IDX-listed oil service provider PT Elnusa Tbk announced on Tuesday that it had set up a subsidiary, PT Elnusa Trans Samudra (ETSA), to provide service for oil and gas offshore operations.
The deed of establishment of the new firm was signed on Nov. 8, 2013, the firm said in a statement filed with the Indonesia Stock Exchange.
ETSA, which is 90 percent owned by Elnusa, will involve in marine support service, particularly in the service of providing operational supports for companies involving in energy business in offshore areas, including oil and gas companies. The marine support services to be provided by the firm include seatruck, seabus, crew boat, tug boat, tug boat, LCT, accommodation barge, and others.
The firm said the establishment of ETSA is line with the strategic directions set in the Elnusa 2013-2017 Long Term Plan in a bid to boost the company?s recurring income and develop business in the existing customers.
?The establishment of the subsidiary comes through a long-term business calculation process and a complete and comprehensive study. Following the success of turnaround program and improvement of performance, the ETSA establishment is a good starting point to enter 2014, which has been declared by Elnusa as the Year of Development,? President Director Elia Massa said.
Elnusa booked Rp 117.8 billion until the third quarter of the year, up 48 percent from the same period of last year.
Editing by Johannes Simbolon