24 July 2023

Elnusa is Optimistic to Record Brilliant 2023 Performance

Jakarta, 24 July 2023 - PT Elnusa Tbk (Elnusa, IDX: ELSA) A leading energy services company is optimistic that it will record its 2023 performance with brilliant results. This optimism is reflected in the realization of the Company's consolidated work contracts (including carry forwards) which have reached 90% as of the second quarter of 2023. The company also targets net profit growth in 2023 to be 12% of net profit in 2022.

"We are optimistic about future business growth which we believe will result in positive performance at the end of 2023. For this reason, we will continue to focus on strengthening and developing the company's three core businesses in upstream oil and gas services, energy distribution and logistics services and oil and gas support services which are able to support the company's performance with each other," said Jayanty Oktavia Maulina, Elnusa's Corporate Communications Manager.

In order to support this target, Jayanty revealed that for 2023 Elnusa has prepared capital expenditure (Capex) of around IDR 500 billion. Most of the Capex or as much as 46% is allocated to maintain the capacity of land seismic survey equipment and also maintenance of wells. Then around 35% is allocated for business growth in complete capacity maintenance activities such as Hydraulic Workover (HWU) work, Mobile Well Testing and Energy Distribution and Logistics Services for the construction and revitalization of Petroleum Liquefied Gas (TPLG) Terminals in Kolaka, Tanjung Pandan and Labuan Bajo.

Jayanty added, "The company has realized a capital expenditure of 40% per semester 1 2023 from CAPEX 2023 which is budgeted for investment in purchasing AWB Offshore Assets to increase upstream business capacity and the addition of a Tank Car Fleet to strengthen the company's ability to meet the increasing demand for energy distribution & logistics services throughout the country,".

In supporting sustainable business growth, the Company continues to be committed to being ready to invest and continue its performance through several strategies including strengthening operation excellence, capacity building and business development which ultimately contribute significantly to the energy supply chain and support the country's development agenda and promote sustainable business progress.

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