JAKARTA (Yosefardi) – Oil and gas services company PT Elnusa Tbk (ELSA) targets land seismic services worth US$20 million in Malaysia and India while domestic demand was declining.
As the crude oil prices was falling, ELSA’s main customer, state oil and gas firm PT Pertamina’s demand also fell, then ELSA opts to grab contracts from overseas.
By June 2015, ELSA has booked contracts of US$422 million, of which new contracts contributed 38.86% with total on hand contracts of US$164 million.
ELSA allocates capital expenditure (capex) of Rp600 billion for this year. It has spent Rp366 billion during the first half of this year.