Elnusa signs $11m loan agreement with Japanese bank
Monday, March 3 2014 - 01:13 PM WIB
IDX-listed oil and gas service company PT Elnusa Tbk has signed a term loan agreement worth US$11.27 million with Bank of Tokyo Mitsubishi UFJ Ltd (BTMU) to support its operation.
The loan agreement was signed by Elnusa?s President Director Elia Massa and BTMU?s General Manager Yusuke Katsuta on Feb. 26 at the bank?s office in Jakarta, Elnusa said in a statement on Monday.
The loan with a tenor of 42-60 months will be used to build one Accommodation Work Barge to be called ?Elnusa Samudra 8 and to purchase on Coiled Tubing Unit.
The Elnusa Samudra 8 Accommodation Work Barge will be built in the country and is expected to be completed at the end of this year. It will be used to support snubbing services at one of the firm?s operation in East Kalimantan. Meanwhile, the Coal Tubing Unit has been delivered and is ready to operate.
Elnusa has declared this year as the Year of Development in which the firm targets Rp 4.9 trillion in revenue. It has budgeted investment totaling Rp 1.2 trillion, three times the investment last year which stood at Rp 447 million.
Editing by Johannes Simbolon