EGMS Appointed New Structure of BoC & BoD

Jakarta, March 5, 2018 – PT Elnusa Tbk (Elnusa), a reputable energy services company, conducts an Extraordinary General Meeting of Shareholders (EGMS) at Graha Elnusa, Jakarta. One agenda discussed in this EGMS is the change of the composition of the Board of Directors (BoC) and Board of Commissioners (BoD). The agenda is organized as per request of PT Pertamina (Persero) as shareholders representing 41.10% share.

Manager of Corporate Communications Elnusa – Wahyu Irfan stated, “The EGMS approved to dismiss Honorably President Commissioner – Syamsu Alam, Commissioner – Budhi Himawan, and Business Development Director – Budhi N Pangaribuan. The EGMS also appoints the President Commissioner – Gigih Prakoso and Commissioner – Narendra Widjajanto. Both of them are representative from PT Pertamina (Persero).”

Elnusa would like to thank to previous BoC and BoD for dedication and contribution during their time to the company.

After closing EGMS, the composition of Elnusa’s boards is as follows:

Director Commissioner
President Director : Tolingul Anwar President Commissioner: Gigih Prakoso (New)
Operation Director : Elizar Parlindungan Hasibuan Commissioner : Narendra Widjajanto (New)
Finance Director : Budi Rahardjo Commissioner : Yudo Irianto
Human Resources & General Affairs
Director : RM Happy Paringhadi
Independent Commissioner : Rinaldi Firmansyah
Independent Commissioner : Pradana Ramadhian G

Elnusa Signs USD80 Million Syndicated Loan Facility for 2018 Expansion

Jakarta, 23 February 2018 – PT Elnusa Tbk (Elnusa), a leading energy services company, is buoyant that 2018 performance will be fitter. This optimism is supported by positive gains from the current macro condition of oil and gas industry along with oil price hike.

Finance Director of Elnusa, Budi Rahardjo stated, “The condition of the oil and gas industry in the last three years has brought a know-how experience for Elnusa as an energy services company. Lowest point of oil price and the transition period of several major oil and gas blocks were some of a big test we had been through. Following its astonishing performance by the end of 2017, Elnusa is now ready to step higher. “

To be more establish, Elnusa presents total solution services to deliver a better, faster and more competitive services. We are aware that a full set of competences and equipments are needed to serve the customer’s needs. Hence Elnusa is committed to provide resources, both from internal cash and external loans, that will support Elnusa and subsidiaries’ capital expenditures and working capital of prospective projects in the near future.

Therefore, Elnusa has signed a long-term loan facility from Syndicated Creditors amounting to USD80 million or approximately Rp1.1 trillion (exchange rate Rp13,650 / USD) on Wednesday (22/2), located at Graha Elnusa-Jakarta . The Syndicated lenders consist of Sumitomo Mitsui Banking Corporation Singapore Branch / Bank Sumitomo Mitsui Indonesia, Bank of Tokyo-Mitsubishi UFJ (MUFG), ICBC Indonesia and UOB Indonesia (UOB) as Mandated Lead Arranger and Bookrunner.

Budi explained, “The signing is a form of mutual synergy between each company. Elnusa is really grateful for the credit facility provided by Sumitomo Mitsui Banking Corporation Singapore Branch / Bank Sumitomo Mitsui Indonesia, Bank of Tokyo-Mitsubishi UFJ, Bank ICBC Indonesia and Bank UOB Indonesia. In particular, this synergy is expected to further build one and the other of oil and gas industry and banking, and generally enhancing national capacity in Indonesia. “

The USD80 million term loan facility are divided into Tranche A and B, and will be used by Elnusa as general purpose financing and to finance the prospective project of Elnusa subsidiaries for the next two years. “Our 2018 capital expenditure is projected to increase significantly compared to the previous year, considering we are going to use the latest technological equipment for seismic work, as well as increase the fleet of tank trucks, barges and others. In general, this funding facility will be used in strategic business development projects, both upstream, downstream, and oil and gas supporting. We do this to strengthen our total solution services and boost Elnusa’s growth in the future, “said Budi.

Total Solution Services is a suite of services offered by Elnusa in accordance with customer needs to solve operational problems comprehensively. This service is Elnusa’s answer to the dynamics of the oil and gas industry and customer challenges in delivering better, faster and more competitive services. ***

Restoring 2017 Performance, Elnusa Ready to Accelerate with Total Solution

Jakarta, 20 February 2018. PT Elnusa Tbk (Elnusa), a leading provider of energy services, closed the year of 2017 with an encouraging performance. Although, 2017 was still overshadowed by the decline of upstream oil and gas activities as the impact of unrecovered oil price and the transition process of several oil major blocks, but at the end of second semester 2017, Elnusa has been able to manage its performance by posting its 2017 revenue of Rp 4.9 trillion and net profit of Rp247 billion. This is considerably a significant jump where compared to the first half revenue position of Rp1,9 trillion and Rp14,4 billion net profit.

Finance Director of Elnusa, Budi Rahardjo, explained that, “Our strategic actions were finally yielded a positive result. The acceleration of operating performance and by diversifying our portfolio has resulted to significant growth in revenue by 37.5% y-o-y compared to 2016 and reaching 124% of the company’s initial target. This year’s revenue is also recorded as the all time high revenue ever.”

Improved performance in upstream oil and gas services is conducted through the acceleration of onshore seismic survey, marine seismic, oilfield services and development of non-service based Engineering, Procurement, Construction – Operation & Maintenance (EPC-OM) with long-term contracts. Furthermore, other business strategy is diversification by pushing our oil and gas downstream segment portfolio. This Downstream segment has produced a very satisfactory results with 50% contribution to the total consolidated revenue obtained by Elnusa in 2017.

“For downstream oil and gas services, the increase in performance is caused by the rise in volume throughput which occurs in almost all of its business units, like fuel transportation, depot management and marine industry fuel trade business. Oil price and Government’s one price policy program (BBM Satu Harga) has helped to boost market activity. This is the opportunity that we capture and expedite to significantly upholds the Company performance, “said Budi

Various strategies to improve the 2017 performance have driven Elnusa to generate a net profit of Rp247 billion, although lower by 20.5% compared to the previous year, but it consider good amid current industry dynamics.

Budi explained that, “Reflecting to the achievement of 2017, we are optimistic that next year Elnusa’s performance will be better. With the reasons of Long-term contracts that we have obtained in non-asset business, bigger opportunities in downstream oil and gas industry, and also the total solution formula which provide the better, faster and cheaper services to clients.”

Elnusa Total Solution Services is a series of services offered by Elnusa to solve client problems comprehensively. In contrast to the current services provided which commonly being done partially, thus requiring a longer time and higher pricing. Elnusa Total Solution Services is our answer to the dynamics of the oil and gas industry and the client’s challenge in delivering better, faster and more competitive services.

“Elnusa has integrated services from upstream to downstream oil and gas, and supported by various supporting services. With more than 45 years of competence and experience, we are confident to deliver total solutions for our clients. Our spirit is embodied in our new vision of Reputable Energy Services Company by Providing Total Solution. We believe if the client is successful, we will be successful, “close Budi. ***

Elnusa Has Accomplished the Largest 3D Marine Seismic Project in Indonesia

Jakarta, 4 Desember 2017 – PT Elnusa Tbk (Elnusa), is one of the national leading energy services company, has completed the project of 3D Marine Seismic with client Talisman Andaman BV, in Andaman Sea, Aceh by the end of November 2017. This marine seismic project covered more than 3000 km2 and acknowledged as the largest 3D marine seismic activity in Indonesia. The survey was carried through ‘ELSA Regent’ the biggest Indonesian flag seismic vessel owned by Elnusa completed with 10×10 km long streamers and were handled by crew made up of the best Indonesian professionals. Survey was conducted with Continuous Line Acquisition dan Marine Seismic Broadband technology.

Business Development Director of Elnusa Budhi N Pangaribuan stated that, “We have completed this 3D Marine Seismic project succesfully on time and delivered high quality seismic data recognized by our client. It has proven that Elnusa as a national energy services company are able to provide an excellent services to the industry.

“Further, with its qualities, ELSA Regent can also be utilized by all Oil and Gas Coorperation Contract (Kontraktor Kontrak Kerja Sama/ KKKS) for their oil & gas exploration or other activities throughout Indonesia and regional”, Budhi said. This seismic survey was supported by synergy between Elnusa Group and another subsidiary of PT Pertamina (Persero).

The completion of this 3D marine seismic survey was also lift Company’s optimism to the end of the year. Another 3D land seismic in West Papua is also in the stage of finalization. The success of these projects are our main catalyst and contributor of Elnusa’s upstream segment revenue.

This year, Elnusa also expand the growth of another business lines through non-asset based engineering, procurement, construction, operation & maintenance (EPC-OM) services and downstream segment over logistic and fuel transportation business. “the aforementioned has increased our confidence level to post the end of 2017 with an improved and encouraging result”, said Budhi.***

Third Quarter Performance 2017: Elnusa Net Profit Improved

Jakarta, October 31st 2017 – PT Elnusa Tbk (ELNUSA), one of the national leading energy services company, began to experience a performance improvement especially in the net profit side; the result of which is accordant to the management projections. In the first half of 2017, Elnusa recorded a net profit of Rp14.4 billion, while in the nine months of 2017, Elnusa was able to earn Rp85.6 billion net profit, five times higher compared to the profit earned during the first half of this year.

Finance Director of Elnusa, Budi Rahardjo, stated that, “Elnusa’s revenue by the end of September 2017 has increased significantly of 31,6% to Rp3,3 trillion compared to the same period of last year. Net profit was nevertheless still lower than September of last year due to non-asset strategy and downstream business services that providing a more moderate margin compared to asset based – upstream oil and gas services business. The good side, following this good performance of the revenue and the net profit over the past three months, we can indicate and believe that Elnusa is back on-track as we expected “.

It was achieved as a result of the optimum performance of some of the Elnusa’s major projects that just started in the second quarter of this year, including the 3D seismic survey project in West Papua, offshore seismic survey project using ELSA Regent seismic vessel in the Andaman Sea of Aceh, well exploration project in East Kalimantan using a 1600HP modular rig and several Engineering-Procurement-Construction & Operation-Maintenance (EPC-OM) jobs. In addition, Elnusa’s performance recovery is also because of the contribution of downstream oil and gas services through its subsidiary PT Elnusa Petrofin.

“The performance of downstream oil and gas services in this year has satisfied us. Growth is occurring in almost all downstream business units of Elnusa Petrofin, either from transportation units, depot management and marine industry fuel trade business. Considering the growing market that is in line with government programs in the field of energy distribution and the community’s needs of fuel will be increasing added with professionalism and competence, we believe in the future downstream oil and gas business services of Elnusa will grow even higher, “said Budi. 

ELSA’s stock (emiten code of Elnusa in Indonesia Stock Exchange) closed up to Rp326 on last Monday, October 30th 2017. In the beginning of this year the price stood at Rp432. ELSA’s stock continued to fall and touched this year’s lowest point of Rp228 in mid-September. Along with the optimism and recovery that conducted by the Company, ELSA stock also experienced an increasing price and re-entered the uptrend phase in the last two months. ***

Semester 1-2017: ELNUSA Working on the Project of Oil and Gas Exploration Services Worth more than Rp1 Trillion

Jakarta, 12th June 2017 – PT Elnusa Tbk (ELNUSA), one of the leading national provider of energy services, throughout 2017 ELNUSA still continues its commitment as oil and gas services company that actively supports the government’s target to conduct oil and gas exploration activities in Indonesia despite the oil and gas industry has not fully recovered. It is undeniable that the condition of the industry had impacted on decreasing the volume and contract value that Elnusa had gained over previous years. Throughout the first semester of 2017, Elnusa has earned contract more than Rp1 trillion for oil and gas exploration services, mostly worked for Pertamina oil and gas fields and includes the services of seismic surveys and onshore drilling services.

In the beginning of June, Elnusa has just started its exploration services in West Papua for 3D seismic survey  with total area of 500km square and is expected to be completed in one and a half years. Other than that, in early next month Elnusa will start its 3D marine seismic survey by using the latest seismic vessel namely ELSA Regent, as well as onshore drilling services in East Kalimantan using Elnusa modular rig which is 1600HP.

“The trust given by the client to Elnusa working on their exploration projects showing that Elnusa has reliable competency and proven capacity as well as showing our contribution to support government programs in inventing new oil and gas reserves for national energy security in the future, “Said Tolingul Anwar, President Director of Elnusa. ***

ELNUSA Maintains Performance and Distributes Rp31 Billion Dividend

Jakarta, May 19, 2017 – PT Elnusa Tbk (ELNUSA), one of the national leading energy services companies, at the Annual General Meeting of Shareholders (AGMS) published its performance in the fiscal year ended in December 2016 with a fairly good achievement compared to other similar competitors. Recorded until the end of 2016, the Company posted its revenues of Rp3.6 trillion, with net profit of Rp311 billion.

“Amid the lethargy of oil and gas activities due to unstable world oil prices, the Company succeeded in suppressing decline of revenue and maintaining its profit. This effort is realized on the Company management’s perseverance in anticipating the fluctuating condition of the oil and gas industry through the development of business portfolio performance outside the upstream oil and gas services and consistently tightening the cost structure to optimize profit, “said Budi Rahardjo, Finance Director of Elnusa.

For this performance, Elnusa’s shareholders agreed to distribute 10% dividends of net profit, approximately Rp31 billion. Of this amount, each share will receive a dividend of Rp4.26 which will be paid no later than June 22, 2017.
In addition, the AGMS also approved the change of the new management for the position of Operations Director, Human Resources & General Affairs Director and one member of the Board of Commissioners, so the effective management since the closing of the AGMS is as follows:

Board of Directors
President Director: Tolingul Anwar
Operations Director: Elizar P. Hasibuan (New)
Business Development Director and Independent Director: Budhi Nugraha Pangaribuan
Finance Director: Budi Rahardjo
Human Resources and General Affairs Director: RM. Happy Paringhadi J.S. (New)

Board of Commissioners
President Commissioner: Syamsu Alam
Commissioner: Budhi Himawan
Commissioner: Yudo Irianto (new)
Independent Commissioner: Rinaldi Firmansyah
Independent Commissioner: Pradana Ramadhian G.

The Company provides high appreciation for the contributions of Board of Directors and Commissioners who have completed their term of service and hopes the new Board of Directors and Commissioners can continue to oversee the Company’s performance for the better.***

Elsa Regent Start Seismic Survey at Karawang-Indramayu Offshore

Jakarta, December 19, 2016. Elsa Regent, the seismic vessel owned by a subsidiary of PT Elnusa Tbk (ELNUSA) started its first seismic in the Indonesian sea, on Saturday, December 17, 2016. The ship which was purchased in mid-2016, will conduct 2D seismic survey in Abar – Anggursi Block, located 12 miles from Karawang, Subang and Indramayu coastal with total length area 2,990 km.

“Marine seismic survey is an effort and commitment of ELNUSA to support national energy security with discovering new oil and gas reserves in Indonesian offshore. Our investment in Elsa Regent may empower and increase national competence in marine seismic survey, because, in Indonesian sea only a few Indonesian-flagged seismic vessel working, “said Director of Operations ELNUSA, Bambang H. Kardono.

Elsa Regent is the most advanced seismic vessels in Indonesia today, captained and manned 100% by the Indonesian people. Compared to other Indonesian-flagged seismic vessels, Elsa Regent has equipped 12 streamer lengths, each streamer reaches 10 km, thus it is ideal to conduct seismic surveys in vast and deep oceans. Elsa Regent is able to produce 3D images of seismic subsurface quality with very high accuracy, record the data when turning so efficient time and cost, continuously carried out data record, and generate raw data which can be directly processed further.

“It is an honor for us to support national capacity in oil and gas exploration with Elsa Regent which operated by our Indonesian people, without relying foreign experts. The client trust in 2D seismic survey Abar-Anggursi project is proof of our competence and experience in marine seismic survey, “said Bambang.

With experiences more than 47 years, ELNUSA more confident in providing energy services through Total Solution Services.

Elnusa Receives USD388 Million Contract in Upstream Oil and Gas Services

Jakarta, 25th November 2016 – PT Elnusa Tbk. (“ELNUSA”), one of the national leading providers of energy services, deliver the company’s performance results during the third quarter in 2016 and business development update in public expose held at the Indonesian Stock Exchange, today.

Since oil and gas activity has not fully recovered and the oil prices are still low, reduction of work in the Oil and Gas Upstream Services cannot be avoided, mainly in the drilling services and wireline logging. However, as an integrated oil and gas services company which has the advantage of positioning and diversification, Elnusa remains confidence toward the future of the company’s business. The result of this diversification remains visible from the seismic services, maintenance operation and logistic distribution services, which this year became the backbone of the business on a consolidated basis.

Throughout this year until September 2016, Elnusa already received a total contract worth USD388 million from upstream oil and gas services, which being worked for the next few years. Refer to those values, 57% of the new contracts obtained in this year worth USD77 million are from the operation & maintenance service contract and become the major contributor.

This year, land seismic services have performed well with growth of 8% from 3D seismic project in West Java and almost completed. For the next year, Elnusa has also been prepared to do seismic work in several areas, including East Java, Central Kalimantan and South Sumatra.

Marine seismic services, which is inactive in the past few years, are ready to resume operation through Elnusa latest investment in the seismic vessel called “ELSA Regent”, one of which is a 2D seismic project in the Java Sea. Elnusa is optimistic to see a tremendous opportunity to develop a marine seismic in Indonesia since there are many national oil and gas reserves in the deep sea that can be worked optimally. It is also in line with the Indonesian government to prioritize national capacity, which currently only a few national companies who have competence in the field of marine seismic services and only a handful of Indonesian-flagged seismic vessel working in Indonesian sea.

In addition to the existing business, this year Elnusa also started to explore several new business opportunities, including the development of flare gas. One of the solutions and services that can be provided by Elnusa is the solution to process the flare gas into electricity using a gas engine generator set, fueled by gas flare. This is in line with the Indonesian government program to reduce gas emissions, the Zero Flaring program by Pertamina and addressing the challenges of oil and gas production cost efficiency.

In terms of financial performance, until the end of September 2016, Elnusa’s revenue declined by 3.7% to Rp2.5 trillion worth compared to the same period of the previous year which was worth Rp2.6 trillion. The decline in net profit worth Rp178 billion is attributed to the decrease in operating profit were also burdened by the impact of foreign exchange loss worth Rp22 billion, where it is inversely proportional to the previous period. “However, achievement of positive performance is maintained in operating profit and EBITDA grew more than 13% as a result of the effectiveness and efficiency at the operational level”, said Budi Rahardjo, Finance Director of Elnusa.
Budi added, “On the other hand, the strategy of slim and ideal by using partial debt repayment method to optimize balance sheet is visible to the long-term interest bearing debt and decreased by the end of September 2016 worth 89.2% to Rp40 billion to help Elnusa reduce the financial burden along the trimester of this year. “***

First Half Performance in 2016 Elnusa Net Profit Increase to 9%

Jakarta, 26th September 2016 – As one of the leading national provider of energy services, PT Elnusa Tbk. (“ELNUSA”) reports the Company’s performance during the first semester in 2016 with highly positive profit growth.

Continuing the great achievement as in the previous quarter, Elnusa has successfully recorded performance  of the middle of 2016 with net profit growth of 9.2% and reached Rp145 billion , compared to the same period of previous year which only Rp133 billion , despite the Company’s operating income contracted 5.1% Rp1.7 trillion  in this period.

“The current condition of global economy and the oil price has not been stable enoughto resultin decreasing our revenues, but with our good business managementenabled us to withstand even relatively better than other companies in the oil and gas industry nationwide”, said Budi Rahardjo, as the Financial Director in Elnusa.

In this industry, the efficiency of the cost structure into a strategy that cannot be avoided in dealing with any situations. Elnusa has been able to suppress the cost revenue by 8.0% and resulting an increase in gross profit by 9.7% to Rp324 billion While operating income jumped 35.8% to Rp232 billion due to a decrease in operating expenses by 35.0%, and also resulting an EBITDA increase of 23.6% to Rp377 billion. Gross margin, operating income and EBITDA also improved to respectively 18.9%, 13.6% and 22.0% in the first half of 2016.

Budi added, “The Nature of differentiated business in Elnusa also gives us distinctive advantages, while throughout the middle of 2016’s declining business activity of our drilling and oilfield services can be offset by the growth of our seismic services, distribution services and logistics as well as other supporting business which managed by Elnusa subsidiaries that contributed significantly to the Company’s business as a whole “.

Strengthening the balance sheet also be our focus today,because of the strong balance sheet will also impact the Company’s durability and profitability. This act is reflected in the interest bearing debt at the end of June 2016 reduced by 34.4% to Rp485 billion, which contributed reducethe financial burden of Elnusa throughout the 6 month period in 2016.

Elnusa fundamentals are still solid and reflected the performance of the first quarter of 2016 were also appreciated by the sharp rising of ELSA stock from mid-January 2016 that reached up to Rp446 as per closing trading session of 23 September 2016, This semester ELSA also even had reached the price levels at Rp620 in June 2016.