14 April 2022

Outlook “Stable”, Elnusa Receives “idAA-” Rating from Pefindo

Jakarta, April 14, 2022 – PT Elnusa Tbk (Elnusa) An oil and gas service provider company with the stock code ELSA provides good news for shareholders. This is because Elnusa has again succeeded in obtaining an "idAA-" rating and an "idAA-(sy)" rating for the 2020 Phase I Sustainable Sukuk Ijarah with a "stable" outlook predicate from Pefindo which will be effective starting April. 7, 2022 to April 1, 2023. This profit is based on the Company's data and audited financial statements as of December 31, 2021.

Pefindo's management considers the ratings to reflect the strong business synergy with Pertamina Group, the Company's strong position and diversification of revenues in the oil and gas supporting services business, and the Company's strong financial condition. The ratings are constrained by the volatility of oil prices and the Company's exposure to project risk.

ELSA can improve its performance by strengthening its business position, which is indicated by significant revenue and profit growth, while maintaining a conservative capital structure ratio and the Company's strong cash flow protection on a sustainable basis.

Elnusa's Finance Director, Bachtiar Soeria Atmadja said, with the achievement of good performance and a satisfactory HSSE cultural record, Elnusa was able to maintain this rating.

In addition, this proves Elnusa's commitment as a national oil and gas business service provider in creating various innovations and the best services.

"In the future, Elnusa will continue to develop innovations and the rankings achieved will be used as a benchmark for Elnusa's progress going forward. Through Elnusa's role in the Oil and Gas Service Industry that has been qualified for 52 years, we will also continue to be a reliable and trusted partner to support the sustainability of Elnusa's business now and in the future," explained Bachtiar.

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