Elnusa Notches Up Some Major Contracts but is Keen for More

By webadmin on 03:37 pm Jun 03, 2012
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Ivan Dasa Saputra

Elnusa, an Indonesian oil industry services company, has secured contracts valued at $228 million this year, still short of its target of $320 million, corporate secretary Heru Samodra said on Friday.

Heru said Elnusa, which is a subsidiary of state-controlled oil and gas firm Pertamina, has contracts for geoscience services, drilling services and oil-field services worth at $128 million, $16 million and $84 million, respectively.

“We will push to secure another $92 million of contracts so we can meet our target of $320 million this year,” Heru said on the sideline of Elnusa’s annual shareholders meeting.

Elnusa last year posted a loss of Rp 42.8 billion ($4.6 million), with revenue standing at Rp 4.7 trillion. The company claimed that the loss was caused by delays in several of its projects due to the sector’s competitiveness or the difficulties the company met in executing its plans.

Heru said Elnusa expected revenue to reach Rp 5.7 trillion this year, with the company set to post a profit.

For the first quarter, Elnusa recorded net income of Rp 15.9 billion on the back of Rp 1.1 trillion in revenue. Elnusa has yet to see its Rp 111 billion held in Bank Mega returned, following an embezzlement case revealed last year. The police have named six suspects in the case, including Elnusa’s former finance director Santun Nainggolan.

The oil industry is benefiting from historically high world prices, although they have retreated a little in recent months. Shares in Elnusa fell 2 percent to Rp 191 in Friday trading. They have dropped 20 percent since the start of the year.