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.


Performance of 2015: Fundamental of ELNUSA Still Remained Steady in 2015

Jakarta, February 25, 2016 – PT Elnusa Tbk. (“ELNUSA”), one of the national leading providers of energy services, reported the Company’s performance throughout the year 2015 with positive achievements.

Year of 2015 was marked by fairly heavy industry challenges related to oil and gas activity downtrend due to declining world oil prices. Amid these conditions, by doing all best efforts to increase efficiency and effectiveness through changes in work methods and continuous innovation as well as the development of the business and penetration to new markets, the Company managed to suppress the decreasing revenue as low as possible and still booked profit growth. So along the turbulent year in 2015, the Company posted revenues of Rp3.7 trillion or fell 10.6% over the previous year.

The efficiency and effectiveness efforts supported with the transformation of the Company’s working methods and innovation might be seen from the declining in the percentage of cost of revenue of 81.99% in the previous year to 80.96% in 2015. The gross margin grew from 18.00% to 19.04%, while the operating income margin and EBITDA margin grew into a 12.45% and 19.56%. The Company’s profitability remains in stable position due to inseparable contribution from the Company’s subsidiary mainly PT Elnusa Petrofin which engaged in the distribution and energy logistics services which remained  good profitability in the current condition.

The Company’s net income fell 11.84% from Rp426 billion to Rp375 billion in 2015. However, if the net income did not consider the gain on sale asset in 2014 which amounted up to Rp87 billion, the net income in 2015 still grew 10.92 % with net income margin grew from 8.01% to 9.94%.

ELNUSA balance sheet structure shown steady position of cash which reached up to Rp935 billion and cash from operation amounted to Rp424 billion. Bearing debt position of the end of 2015 stood at Rp740 billion, which meant that ELNUSA has still in net cash position that shown remarkable condition which was not owned by other oil and gas companies in the industry today.

Based on the achievement in 2015, showing that the fundamental of ELNUSA still relatively steady compared to other competitors in the national oil and gas industry. Year of 2016 would be more challenging for all oil & gas players domestically and globally. However, supported by good track records as well as the right strategic planning, ELNUSA may well face the challenging awaiting in the next year.

Replacement of Public Accountant for Fiscal Year 2015

In order to implement the regulation of Financial Services Authority (OJK) No: 31/POJK.04/2015 dated December 16, 2015 on Disclosure of information or material facts by the Emiten or Public Company, we hereby to inform replacement of Public Accountant.

In accordance with the decisions of the Annual General Meeting of Shareholders of the Company and Decree of the Board of Commissioners (BoC) regarding BoC Decree on appointment of Public Accountant (KAP) for audit financial statement of PT Elnusa Tbk for Fiscal Year 2015, the Company has appointed the Public Accounting Purwantono, Sungkoro and Surja – Ernst and Young as a public accounting to audit the financial statements of the Company and its subsidiaries for the fiscal year ended on December 31, 2015. For information that the Company had cooperation with the Public Accountant Tanudiredja, Wibisana & Partners – PricewaterhouseCoopers (“PwC”) for the fiscal year 2011-2014.

ELNUSA Received The Mahakam Award

Jakarta, February 17, 2016. PT Elnusa Tbk (ELNUSA), a leading energy services company in Indonesia for the third time received The Mahakam Award for category of Safety Performance of High Risk Contract > 400,000 Man-Hours in HSE Communication Forum 2016, held yesterday by Total E&P Indonesie (TEPI) at Novotel Hotel, Balikpapan, East Kalimantan. This was a prestigious event in oil and gas industry for all TEPI partners, working in the Mahakam block area. ELNUSA had previously achieved this award in 2013 and 2014.

ELNUSA’s Operation Director, Bambang H. Kardono, in his speech stated that “The Mahakam Award is an evidence of external recognition for safety performance of ELNUSA. For ELNUSA, safety is mandatoriy attached as corporate culture and part of operational excellence commitment in all projects executed by ELNUSA. We highly appreciate TEPI for its support and trust in ELNUSA to contribute our best services in Mahakam block areas for more than 25 years “. ***

Pefindo has Assigned “idA+” Ratings to ELNUSA

Jakarta,  12 Februari 2016 – Proudly we convey to all of shareholders that ELNUSA has been assigned “idA+” with “stable” company outlook by PEFINDO, a well reputable credit rating agency in Indonesia. This rating is valid from 28 January 2016 to 1 December 2016 and reflects ELNUSA’s strong presence in oil & gas service industry, wide diversified oil & gas support, and strong liquidity position. The rating may be raised along with ELNUSA’s future business development and financial performance growth.

This is to validate that ELNUSA is still considered as one of the strongest oil & gas service player in Indonesia. Through proven track record in deliverables and safety for over 45 years, ELNUSA has gained trust and credibility from major oil & gas partners and loyal customers to support ELNUSA’s business continuity in the future.

COMPANY ANNOUNCEMENT: Elnusa Revenue Estimation 2016

Dear Respected Shareholders,

The beginning of 2016 has been in the shade with industry’s sustainability turmoil. Nonetheless, we, as the management of Elnusa are still confident facing these challenges refer to our existing  on-hand contract amounted to Rp5,6 trillion which could be monetized approximately Rp3,0 trillion in 2016. We believe, with our balance sheet strength and our credibility on safety performance, project execution & productivity, we will be able to generate additional revenue and resulted to total projected revenue in 2016 not less than 2015 estimation, Rp3,7 trillion.

We highly value your trust to keep investing in our share, however  we also encourage you to make your own deep risk analysis before you take any decision whether to buy, sell or hold.

We as management, are taking all the necessary actions to deliver high value added to all shareholders.

Warm regards,

Management of Elnusa

ELNUSA Optimist Margin Net Profit Grows 15% in 2015

Jakarta, 1st December 2015 – PT Elnusa Tbk (code IDX: ELSA), one of the leading national providers of oil & gas and energy services, believes that net income and profitability of the Company at the end of 2015 will be better compared to the achievement derived from operations in the prior year.

“The condition of the global oil industry has not shown changes plus the volatile economic situation certainly makes the performance of oil and gas companies depressed. However ELNUSA remained confident that projections by the end of 2015, ELNUSA would posted net profit of not less than Rp325 billion and net profit margin grows 15% compared to the net profit margin from business operations of ELNUSA “, said Budi Rahardjo, Finance Director of PT ELNUSA Tbk. Indeed, last year, in addition to net income from business operations, ELNUSA also recorded gain on sale of assets.

The good performance of the Company is also reflected in the projected attainment of profit and profitability that will still remain intact, where at the end of December 2015 operating income margin and EBITDA margin are also expected to be able to grow from the previous year.

The projection is optimistic be achieved with some assumption that all seismic projects start to work at the end of this year. As reported previously, ELNUSA this year won seismic projects worth USD86 million for period of up to two-year project with the historical profit margin is quite promising. Besides, the contribution of the other core business of drilling and oilfield services that still remain promising and needed in the oil and gas industry in the country.

Budi added, “ELNUSA as the largest oil and gas services company in Indonesia is believed to have competitiveness which remains superior to its competitors so that in the middle of the dynamics of this industry as we are still able to provide added values to all stakeholders”. ***

ELNUSA Has Spent Rp422 Billion Investment and Maintained Profitability

Jakarta, 13th November 2015 – Located in the Indonesia Stock Exchange in the event the Investor Summit 2015, PT Elnusa Tbk (ELNUSA), one of the leading national providers of integrated energy services, presents the update performance that remained optimistic while maintaining the aspect of profitability amid the world’s oil low prices. ELNUSA was still issued Rp422 billion for investments in equipment in order to maintain the operating performance and the quality of professional services to clients ELNUSA and to support future business growth.

“Even in the midst of pressure in revenues, performance of ELNUSA until the third quarter of this year is still relatively good. Earnings per September 2015 amounted to Rp226 billion. The net profit of Rp288 billion in the previous period – including the gain on sale of land assets amounted to Rp87 billion. If the gain on sale of asset is excluded, the net profit in the third quarter still grew by 12.4 percent. In addition, we are still able to maintain the profitability of which is visible from the gross margin rose from 16% to 17%, the operating margin remained stable at 9%, EBITDA margin rose from 15% to 17% and net margin without asset sales growth of 7% to 9%, “said Budi Rahardjo, Finance Director of PT ELNUSA Tbk.

Budi added, “Strategy ELNUSA in maintaining its performance is to remain focused on core business liability, namely Drilling & Oilfield Services business unit where it will be able to survive in the midst of the oil and gas industry that become slow with lower global oil prices. Besides the better implementation of the project and financial management supported by efficiency in all sectors “.

The investment up to the third quarter has reached Rp422 billion, significantly increased compared to last year’s total investments amounted to Rp366 billion. One of the important and strategic investments made this year, the company is investing in Division of DOS (Drilling & Oilfield Services) in the form of Accommodation Work Barge Elnusa Samudera 8 (ELSA 8)-The First Eco-Green Work Barge in Indonesia – worth almost USD10 million, which was recently ELSA 8 received recognition and awards from the Government of the Republic of Indonesia through Ministry of Research, Technology and Higher Education and Third President Prof. BJ Habibie on the National Awakening Day 2015 as one of the 20 Nations Children’s Work Leading Technology.

“The investment is expected to increase the Company’s revenues in the coming years in line with the Company’s readiness to continue to improve the competence and capacity of resources in anticipation of the rebound period in global and national oil and gas industry in the future,” said Budi. ***