Elnusa Allocates $48M to Expand its Drilling and Oilfield Services Business
Indonesia's oil and gas drilling company PT Elnusa Tbk. has allocated $105 million (IDR 1.2 trillion) for capital expenditure this year, with $48.1 million (IDR 550 billion) set aside for purchase of equipment and machinery for its drilling and oilfield services business, Rifqi Budi Prasetyo, head of investor relations at Elnusa, said as quoted in the local media Jakarta Globe Monday.
Elnusa has budgeted $35 million (IDR 400 billion) for new business development, with the remainder going to fund its geoscience services and subsidiaries.
The company hoped to achieve net income of $16.18 million (IDR 185 billion) this year on a revenue of around 428 million (IDR 4.9 trillion), with the firm's upstream oil and gas services business contributing 63 percent of the revenue, and the rest from its downstream oil and gas services business and upstream support.
The company has five units including Elnusa Fabrikasi Konstruksi, Patra Nusa Data, Sigma Cipta Dana, Elnusa Petrofin and Elnusa Patra Ritel.
“The company is looking to secure contracts worth $300 million this year,” Rifqi said, with $170 million already secured as of last month. "Our target is still the same we disclosed in November. But, we can still revise it as last year we exceeded our target.”
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