02 September 2022

Elnusa Optimistic 2022 Contract Realization Exceeds Target

Jakarta, September 2, 2022 – PT Elnusa Tbk (Elnusa), a leading energy services company that provides total solutions in early September 2022, recorded the realization of on-hand consolidation work contracts of 80% of the company's 2022 work plan and budget. The company targets revenues of around Rp. 8 trillion and net profit is around IDR 200 billion in 2022.

Manager of Corporate Communications Elnusa, Jayanty Oktavia Maulina said "From the realization of the contracts that have been registered, the composition is 33% for Upstream Oil and Gas Services, 59% for Energy Distribution and Logistics Services and the remaining 8% for Oil and Gas Support Services. The contracts are dominated by Pertamina Group by 69% and non-Pertamina Group by 31%. For upstream oil and gas services, contracts were obtained to carry out drilling fluid and workover services in the Mahakam area of ‚Äč‚ÄčKalimantan, 2D seismic surveys, and non-asset based (EPC O&M) work in the Rokan block.”

Jayanty added, “Meanwhile, for energy distribution and logistics services, the main contributors are fuel transportation, Inmar fuel trading and depot management. Meanwhile, in oil and gas support services the contracts achieved include several jobs including oil and gas support vessels in providing accommodation work barges, utility vessels, dredging services, fabrication of several oil and gas equipment and facilities, warehouse management, data management and improvement of information technology supporting oil and gas.”

Seeing the achievement of the realization of the contract, Elnusa is confident that it will be able to book a better financial performance than the previous year, this is supported by an increase in upstream oil and gas service activities, especially in seismic and well services activities as well as an increase in the need for fuel which is now back to normal. It is a quite a positive impact on the energy logistics distribution service segment which is the prima donna supporting the company's performance.

"The company is currently optimizing asset-based and non-asset-based through improvements in the Energy Distribution and Logistics Services segment. Elnusa also continues to maintain consistency in carrying out the company's strategy to increase capability in Energy Services which is ultimately able to support the government's program in realizing the target of increasing national oil production of 1 million barrels per day (BOPD) and natural gas of 12 billion standard cubic feet per day (MMscfd) in 2030." Jayanti said.

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