Elnusa targets $111.8m new contracts

By Romel S. Gurky

Indonesia-listed oil and gas services provider PT Elnusa is setting sights on securing US$111.8 million new contracts until the end of the year.

VP Corporate Secretary Heru Samodra said the company expects most of the new contracts would come from geosciences seismic service works ($65 million), oilfield maintenance ($38 million) and drilling ($2 million). ?We are currently participating in a number of upstream service tenders held by PSC Holders,? he said in a filing to the Indonesian Stock Exchange.

Up to now, the firm has bagged $226.5 million worth of contracts, primarily coming from seismic works ($131 million), oilfield maintenance ($76 million) and drilling ($17 million).

To help achieve the new contract targets, Elnusa has secured $25 million in non-cash loan from Bank Negara Indonesia. Heru said the loan would be used as guarantees for tender participation and for purchases of equipment and component to be used in projects.

Editing by Dadan Wijaksana