JAKARTA (Yosefardi) – Oil and service company PT Elnusa Tbk (ELSA) has secured term loan of US$11.2 million, equivalent Rp134.4 billion, from Bank of Tokyo Mitsubishi UFJ Ltd, under project financing scheme.
The loan will be used to support the investment in accommodation work barge and coil tubing.
ELSA allocates capital expenditure (capex) of Rp1.2 trillion for this year, jumps by threefold from Rp328 billion allocated for last year, as 2004 is set as the year of development.
The capex will be mostly used to fund the development of the company’s core business – drilling and oilfield – (Rp550 billion). Capex for new business development amounts Rp450 billion and geo-science business development Rp200 billion.
The capex will be funded by the company’s internal cash which now totals Rp1.4 trillion.
Elnusa targets to book revenue of Rp4.9 trillion this year, compared to Rp3.9 trillion targeted for last year. It also targets to book net profit of Rp185 billion this year.