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With its IPO right around the corner, PT Elnusa, a subsidiary
of state oil and gas company PT Pertamina, is gearing up for further
overseas expansion this year.
Elnusa president director Eteng A. Salam said over the weekend the
company had recently procured three contracts for oil and gas projects
in Brunei Darussalam worth a combined US$15.1 million.
The contracts, for seismic operation, each ran eight months, Eteng said.
The Brunei projects are a start, he said.
"We plan to expand our seismic services abroad, especially for oil and
gas operators in the Asia Pacific region."
Hendri S Suardi, Elnusa finance director, told The Jakarta Post the
company had also placed a bid for an oil and gas project in Vietnam.
At present, Elnusa has an on-going project in Libya, where Pertamina
manages two oil blocks.
Elnusa would remain a big player at home, he said, having already
secured deals with high profile clients such as U.S.-based
ConocoPhillips, the country's largest oil company, Medco EP, and
France-based energy firm Total.
Hendri said that up to now, the company had secured around 20
contracts, mostly from drilling activities, worth Rp 700 billion
(US$75.2 million) from both local and overseas clients.
As one of Pertamina's most profitable units, Elnusa has 14 business
units operating in the oil and gas sector, both upstream and
downstream, and is also involved in the information technology field.
Elnusa plans to launch an IPO of 20 percent in new shares Jan. 25-29.
Last year, Elnusa's revenue rose 12 percent to Rp two trillion from Rp
1.87 trillion the previous year, while its net profit increased by 27
percent to Rp 110 billion from Rp 83.03 billion.
In 2008 the company expects to double its net profit to more than Rp
200 billion.
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