14 April 2021

Elnusa Received “idAA-” Rating with “Stable” Prospect from Pefindo

Jakarta, April 14, 2020 - PT Elnusa Tbk (Elnusa) A Leading National Oil and Gas Services Company, is proud to convey to all shareholders that Elnusa has successfully maintained its “idAA-” corporate rating for Corporations as well as Elnusa's Ijarah Continuous Sukuk Ijarah I Phase I Year 2020 with a “stable” outlook from PEFINDO, a well-known national rating agency in Indonesia. This determination is valid for the rating period from 8 April 2021 to 1 April 2022.

According to Pefindo management, the rating not only reflects strong business synergy with PT Pertamina (Persero) as the parent company and the Company's strong presence in the national oil and gas and energy services industry, as well as reflects the company's solid financial condition. The rating may increase if Elnusa is able to significantly strengthen its business position. This can be demonstrated by significant growth in revenue and profit, while maintaining a conservative capital structure ratio and strong cash flow protection on a sustainable basis. Although the risk of volatility in the oil and gas industry and the impact of the prolonged Covid 19 pandemic, it can still affect future rating decisions.

Elnusa's Finance Director, Hery Setiawan said, "This is a clear proof of Elnusa's consistency as one of the main players in the national oil and gas service business. Through atrack record in terms brilliantof job achievement and good safety aspects, this is what led Elnusa to maintain this ranking. "

"We will make this ranking as an improvement room for better company growth in the future. And of course, for more than 51 years, Elnusa has also continued to be a trusted partner for major oil and gas clients who have been loyal to support the sustainability and sustainability of Elnusa's business going forward. " Close Hery.

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