June 2015 Investor Day 1Q15
PT Elnusa Tbk
Investor Update
June 2015
www.elnusa.co.id
Vision & Mission
Vision
Trusted Energy Services Company
Mission
•
•
•
Corporate Values
• Clean
• Respectful
• Synergy
•
Business expansion from integrated upstream oil &
gas services to energy services
Create a stable business growth that fulfills the
shareholders expectations, followed by human
resources competence development and the
mastering of energy services related technologies.
Achieve and maintain customer satisfaction by
providing high quality products based on the
operational principles.
Maintain a harmonious and mutually beneficial
relationship with the government, partners and
Community.
2
Elnusa at a Glance
Fundamental Strengths
1
Significant Track Record in
Upstream Oil & Gas Services
Industry : Has been 45 years
providing the services, Elnusa
has been a market leader in
Indonesia for Land Seismic and a
trusted provider for Oilfield
services.
2
Experienced & Qualified
Personnel : along with reliable
equipment, experienced &
competent personnel delivers
customer satisfaction & service
excellence.
3
Proudly HSE Achievement &
Reputation : Elnusa quality of
performance always meets the
standards of ISO 9001:2008 &
OHSAS 18001:2007, and is
recognized by many customers.
4
Strong Customer Base : with national and
international oil and gas companies as loyal
customers and operation projects cover the Nation
3
Milestones
Establishment
Entered
Seismic
Business
Data Management,
Oilfield Services,
Fuel Trading &
Distribution
Establishment of
Drilling Services,
Fabrication
2013
Non Core
Divestments
Turnaround
Program
Year of Human
Resources
Initial Public Offering
7.298.500.000 Shares
2014
Strengthening operational level, organization and
internal control functions as well as evaluating and
redefining all product/services of the Company.
4
Operational Area
Besides Indonesia, Elnusa also experienced in several regional countries : Brunei, Vietnam,
Myanmar & India.
5
Company Structure
PT Pertamina (Persero)
Dana Pensiun
Pertamina
Publik
41.10%
19.30%
39.60%
Intergrated Upstream
Services
Upstream Support
Services
Downstream Services
PT Elnusa Oilfield Services
(99,99%)
PT Elnusa Fabrikasi Konstruksi
(97,35%)
PT Elnusa Petrofin
(99,93%)
PT Elnusa Geosains Indonesia
(99,99%)
PT Patra Nusa Data
(70,00%)
PT Elnusa Patra Ritel
(98,00%)
PT Sigma Cipta Utama
(99,99%)
PT Elnusa Trans Samudera
(98,23%)
6
Integrated Upstream Services
Oilfield Maintenance Services
Hydraulic Workover &
Snubbing
11 Units HWU Snubbing with
Rig Up 150K, 225K & 340K type
Coiled Tubing, Well
Stimulation & Pumping
3 CTU Units, 3 Cementing &
Pumping Units
Well Testing & Slickline
3 Testing & 3 Working Barges ,
2 MPB, 1 LCT, 7 Slickline Units,
3 SFT & 4 DST Units
Drilling Services
Drilling Rig
Services
1 Unit Rig of 1600 HP, 3 Units of
550 HP, 1 Unit of 900 HP
Drilling Support
Mud & Chemical
16 MLU, 9 H2S Units, Drilling
Fluid Services
Electric Wireline
Logging
19 Units for Open Hole Logging
& Cased Hole Logging Services
Operation &
Maintenance
Field & pipeline operation
maintenance service
Special Group Services
Modular Crane Services, Field
Operation Management,
Enhance Oil Recovery
7
Integrated Upstream Services
Seismic Data Acquisition
Seismic Data Processing
Non Seismic Surveys
Gravity Survey
Magnetotelluric & Time Domain
Electromagnetic
Magnetic Survey
8
Downstream Services
PT Elnusa Petrofin
Fuel Transportation
Type of Work
Fuel transport management with All In scheme
Fuel transport management with tariff scheme
Tank car rental to Pertamina
Subsidized fuel distribution to APMS
SPBB transport management
Transport management for APMS with All In scheme
Depot
Private owned depot management with VHS system
Handling Marine by Franco systemn
SPBU / Gas Station
Gas station management services
Owned gas station management
Trading
Speciality Chemical
Commodity Chemical
Industry fuel
Capacity
1.120 Unit
8 Unit
Fuel tank cars 46 Unit
LPG tank cars 10 Unit
Total Transporters 88
Total APMS 145
Total Transporters 23
Total APMS 27
Total Transporters 6
Total APMS 12
Annual average volume
11.877.240 KL
9 clients
5 clients
Annual average volume
143.895 KL
1 SPBU, 1 SPBE
1 SPBU
Annual average volume
29.884 KL dan 16.186 Ton
For Pertamina
For Elnusa
For Mining & Marine industry
Annual average volume
1.263 Drum
9.210 Drum & 73.692 Sack
39.490 KL
9
Upstream Support Services
Elnusa Fabrikasi
Konstruksi
Fabrication services (pumping unit for
CTU, HWU), threading & trading of Pipa
Oil Country Turbular Goods (OCTG) and
EPC projects
Patra Nusa
Data
Oil & gas data management, licensing
services, online data services and
physical storage services
Sigma Cipta
Utama
Information system and electronic data
physical storage, management services,
oil & gas geological materials storage,
radio tel services.
Elnusa Trans
Samudera
Marine oil & gas support services
10
Awards & Achievements
The Mahakam Award 2014 dari Total
6 Years Without DAFW 2014 from
EP Indonesia, for High Risk Contractor
category.
Chevron Operations.
Best of the Best 50 Companies from
Forbes Indonesia
2 Golds & 4 Silvers at Annual
Pertamina Quality Award
From Pertamina (Persero)
Best RIG HSE Performance 2014
Contract & Procurement Award
from VICO Indonesia at Badak Field
From Total EP Indonesie
11
ELSA Stock Performance
ELSA Shares Performance 2014‐2015
Harga
2014 ELSA Non Controlling Ownership
24%
800
Volum
700
600
19%
500
400
300
35%
200
100
19%
3%
0
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
ELSA shares has been apreciated 104% in 2014 from Rp 335 to
Rp 683
Issued shares 7.298.500.000 shares
Market Cap 2014 : Rp 5 trillion (+/‐ USD 430 million)
Average share price and volume in 2014 : Rp 554 dan 39mn
shs/day.
ELSA non controlling ownership in 2014 was dominated by
domestic holding by 65%
Foreign Institution : 35%
Insurance : 24%
Mutual Fund : 19%
Domestic Individuals : 19%
Others
: 3%
12
Market Share
Upstream Spending
Eksplorasi
16.106
2011
Development
17.873
2012
Production
Administration
20.384
19.375
2013
2014
Refer to Elnusa revenue of
Rp 4.2T hence Elnusa’s
market share to country’s
upstream investment is only
around 2%
Oilfield Service Market Share
ELSA
1.510
2011
Competitor
2.396
2.528
2013
2014
Refer to relevant spendingt to
maintenance business compare to
Elnusa’s oilfield services revenue,
Elnusa’s annual market share is
roughly around 5%
1.719
2012
13
USD Jt
Financial Highlights
Revenue
Cost of Revenue
Gross Profit
Operating Profit
EBITDA
Net Profit (Loss)
EPS
2013
Rp (bn)
%
4.112
100%
3.465
84%
647
16%
293
7%
599
15%
238
6%
33
1%
2014
Rp (bn)
%
4.221
100%
3.461
82%
760
18%
425
10%
665
16%
412
10%
57
1%
Total Assets
Total Liabilities
Total Equity
Account Receivables
Account Payables
Interest Bearing Debt
4.371
2.086
2.285
958
1.088
764
4.246
1.663
2.583
930
1.068
436
100%
48%
52%
22%
25%
17%
YoY
2,7%
‐0,1%
17,5%
45,1%
11,0%
73,1%
72,7%
100%
‐2,9%
39%
‐20,3%
61%
13,0%
22%
‐2,9%
25%
‐1,8%
10%
‐42,9%
1Q14
Rp (bn)
%
918
100%
771
84%
148
16%
101
11%
161
18%
54
6%
7
1%
1Q15
Rp (bn)
%
925
100%
767
83%
158
17%
106
11%
175
19%
65
7%
9 0
4.268
1.931
2.337
881
1.118
540
4.368
1.720
2.647
860
1.128
420
100%
45%
55%
21%
26%
13%
100%
39%
61%
20%
26%
10%
YoY
0,8%
‐0,5%
6,8%
5,0%
8,7%
20,4%
20%
2,3%
‐10,9%
13,3%
‐2,4%
0,9%
‐22,2%
IDR Bn
14
Yearly Performance YTD
1.200
25%
Consolidated
1.000
16%
800
20%
17%
600
500
25%
23%
400
20%
20%
15%
300
600
400
30%
Oilfield & Drilling Sevices
10%
925
918
200
200
148
5%
100
0%
‐
421
410
1Q14
95
83
0%
1Q14
1Q15
40%
Seismic Services
10%
5%
158
‐
250
15%
1Q15
500
Uneliminated
30%
Subsidiaries
35%
200
30%
25%
150
21%
15%
158
151
10%
50
15%
200
100
390
349
10%
10%
10%
5%
5%
48
33
‐
IDR bn
20%
300
20%
100
35
0%
1Q14
25%
400
31%
1Q15
0%
1Q14
Uneliminated
Revenue
39
‐
Gross Profit
Gross Margin
1Q15
Uneliminated
15
Quarterly Performance
25%
Consolidated
1400
700
40%
Oilfield & Drilling Services
35%
600
20%
1200
17%
1000
30%
500
23%
925
15%
800
25%
400
421
20%
10%
600
300
15%
200
400
158
200
0%
0
Dec 13
Mar 14
400
Jun 14
Sep 14
Dec 14
10%
95
5%
100
5%
0
0%
Mar 15
Dec 13
Mar 14
700
Seismic Services
Sep 14
Dec 14
Mar 15
25%
Subsidiaries
35%
350
Jun 14
600
30%
300
25%
250
22%
20%
200
151
150
100
20%
500
390
400
15%
300
10%
200
5%
100
0%
0
15%
10%
10%
5%
33
50
0
Dec 13
IDR bn
Mar 14
Jun 14
Sep 14
Dec 14
Mar 15
Revenue
39
0%
Dec 13
Gross Profit
Mar 14
Jun 14
Sep 14
Gross Margin
Dec 14
Mar 15
16
Oilfield & Drilling by Services
Revenue & Gross Margin
Drilling
Electric Wireline Logging
Hydraulic Workover
148
99
64
116
‐38%
61
38
1Q15
1Q14
28%
1Q14
1Q15
1Q14
Coiled Tubing Unit
68%
1Q15
Snubbing
Drilling Fluid
42
34
32%
17
31
1Q14
1Q15
1Q14
‐4%
17
1Q15
25
1Q14
34%
1Q15
IDR bn
17
Oilfield & Drilling by Services
Revenue
Well Testing
Operation Maintenance
Slickline
‐95%
29
28%
36
23
11
2%
11
2
1Q14
1Q15
1Q14
Cementing & Pumping
1Q15
1Q14
1Q15
Drilling Evaluation
‐12%
8
7
5
1Q14
1Q15
1Q14
23%
6
1Q15
IDR bn
18
Seismic Land & Acquisition
Revenue
Seismic Land & Processing
‐4%
158
151
1Q14
1Q15
IDR bn
19
Subsidiaries Performance
Elnusa Petrofin
341
336
2%
1Q14
Sigma Cipta Utama
1Q15
Patra Nusa Data
Elnusa Fabrikasi Konstruksi
77%
17
26
16
1Q14
‐12%
‐59%
14
1Q15
1Q14
7
15
1Q15
1Q14
1Q15
IDR bn
Revenue
Revenue Growth
20
Contract Replacement Profile
Contract per 1Q15 and Forward
USD jt
SEGMENT
CARRIED OVER
A
NEW CONTRACT
B
TOTAL CONTRACT
A+B
VALUE 2015 (Exp)
C
VALUE ONWARD
A+B‐C
Oilfield & Drilling
Seismic
TOTAL
230
28
258
26
60
86
256
88
344
118
40
158
138
48
186
21
Capex
750
A = New Investments
500
B = Replacements
A = 227
B = 262
A = 337
B = 30
250
489
A = 26
B = 104
A = 51
B = 59
130
110
2012
2013
366
A = 123
B = 38
160
0
IDR bn
2011
2014
1Q15
Area of Investment (Oilfield & Drilling Services & Seismic) :
Electric Wireline Unit
Portable Slickline Unit
Geophones
Coiled Tubing Unit
Barges
Modular Rig
22
Business Challenges in 2015
Oil Price
Technology
Elnusa
Challenges
In 2015
People
Competition
23
Business Challenges in 2015
Oil Price
Oil price is predicted to be remain at $50 ‐ $60 /bbl in 2015,
hence:
• Less spending on exploration (seismic & exploration
well), but not on reprocessing data.
• More focus on maintenance (good for oilfield services).
•
Technology
•
•
Competition
People
•
•
More to lateral/horizontal drilling, impacted to lower
cost (no need to drill more wells). Elnusa will make
strategic partnership to improve capabilities.
More advance to a down hole tools. Elnusa will focus to
this new technology equipments.
Become more severe, due to merging companies (HAL
& BHI) which potentially be followed by others.
Chinese companies penetration with lower fee and
more aggressive strategy.
Merger in several service companies will impact to
increasing people supply.
24
Thank You
DISCLAIMER :
The information in this document has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance
should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. None of PT Elnusa Tbk (the
“Company“), nor any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever
arising from the use of this document or its contents or otherwise arising in connection with this document.
This document is being furnished to you solely for your information on a confidential basis and may not be reproduced, redistributed or passed on, in whole
or in part, to any other person. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction. By
accepting this document you agree to be bound by the foregoing limitations.
This document does not constitute or form part of an offer or invitation to purchase any shares in the Company and neither shall any part of it form the
basis of nor be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase shares should be made solely on the basis
of information contained in the prospectus.
PT Elnusa Tbk.
Graha Elnusa
Jl. T.B. Simatupang Kav. 1B
Jakarta 12560, Indonesia
Tel: +62 21‐78830850
Fax: +62 21‐78830907
www.elnusa.co.id
25
Investor Update
June 2015
www.elnusa.co.id
Vision & Mission
Vision
Trusted Energy Services Company
Mission
•
•
•
Corporate Values
• Clean
• Respectful
• Synergy
•
Business expansion from integrated upstream oil &
gas services to energy services
Create a stable business growth that fulfills the
shareholders expectations, followed by human
resources competence development and the
mastering of energy services related technologies.
Achieve and maintain customer satisfaction by
providing high quality products based on the
operational principles.
Maintain a harmonious and mutually beneficial
relationship with the government, partners and
Community.
2
Elnusa at a Glance
Fundamental Strengths
1
Significant Track Record in
Upstream Oil & Gas Services
Industry : Has been 45 years
providing the services, Elnusa
has been a market leader in
Indonesia for Land Seismic and a
trusted provider for Oilfield
services.
2
Experienced & Qualified
Personnel : along with reliable
equipment, experienced &
competent personnel delivers
customer satisfaction & service
excellence.
3
Proudly HSE Achievement &
Reputation : Elnusa quality of
performance always meets the
standards of ISO 9001:2008 &
OHSAS 18001:2007, and is
recognized by many customers.
4
Strong Customer Base : with national and
international oil and gas companies as loyal
customers and operation projects cover the Nation
3
Milestones
Establishment
Entered
Seismic
Business
Data Management,
Oilfield Services,
Fuel Trading &
Distribution
Establishment of
Drilling Services,
Fabrication
2013
Non Core
Divestments
Turnaround
Program
Year of Human
Resources
Initial Public Offering
7.298.500.000 Shares
2014
Strengthening operational level, organization and
internal control functions as well as evaluating and
redefining all product/services of the Company.
4
Operational Area
Besides Indonesia, Elnusa also experienced in several regional countries : Brunei, Vietnam,
Myanmar & India.
5
Company Structure
PT Pertamina (Persero)
Dana Pensiun
Pertamina
Publik
41.10%
19.30%
39.60%
Intergrated Upstream
Services
Upstream Support
Services
Downstream Services
PT Elnusa Oilfield Services
(99,99%)
PT Elnusa Fabrikasi Konstruksi
(97,35%)
PT Elnusa Petrofin
(99,93%)
PT Elnusa Geosains Indonesia
(99,99%)
PT Patra Nusa Data
(70,00%)
PT Elnusa Patra Ritel
(98,00%)
PT Sigma Cipta Utama
(99,99%)
PT Elnusa Trans Samudera
(98,23%)
6
Integrated Upstream Services
Oilfield Maintenance Services
Hydraulic Workover &
Snubbing
11 Units HWU Snubbing with
Rig Up 150K, 225K & 340K type
Coiled Tubing, Well
Stimulation & Pumping
3 CTU Units, 3 Cementing &
Pumping Units
Well Testing & Slickline
3 Testing & 3 Working Barges ,
2 MPB, 1 LCT, 7 Slickline Units,
3 SFT & 4 DST Units
Drilling Services
Drilling Rig
Services
1 Unit Rig of 1600 HP, 3 Units of
550 HP, 1 Unit of 900 HP
Drilling Support
Mud & Chemical
16 MLU, 9 H2S Units, Drilling
Fluid Services
Electric Wireline
Logging
19 Units for Open Hole Logging
& Cased Hole Logging Services
Operation &
Maintenance
Field & pipeline operation
maintenance service
Special Group Services
Modular Crane Services, Field
Operation Management,
Enhance Oil Recovery
7
Integrated Upstream Services
Seismic Data Acquisition
Seismic Data Processing
Non Seismic Surveys
Gravity Survey
Magnetotelluric & Time Domain
Electromagnetic
Magnetic Survey
8
Downstream Services
PT Elnusa Petrofin
Fuel Transportation
Type of Work
Fuel transport management with All In scheme
Fuel transport management with tariff scheme
Tank car rental to Pertamina
Subsidized fuel distribution to APMS
SPBB transport management
Transport management for APMS with All In scheme
Depot
Private owned depot management with VHS system
Handling Marine by Franco systemn
SPBU / Gas Station
Gas station management services
Owned gas station management
Trading
Speciality Chemical
Commodity Chemical
Industry fuel
Capacity
1.120 Unit
8 Unit
Fuel tank cars 46 Unit
LPG tank cars 10 Unit
Total Transporters 88
Total APMS 145
Total Transporters 23
Total APMS 27
Total Transporters 6
Total APMS 12
Annual average volume
11.877.240 KL
9 clients
5 clients
Annual average volume
143.895 KL
1 SPBU, 1 SPBE
1 SPBU
Annual average volume
29.884 KL dan 16.186 Ton
For Pertamina
For Elnusa
For Mining & Marine industry
Annual average volume
1.263 Drum
9.210 Drum & 73.692 Sack
39.490 KL
9
Upstream Support Services
Elnusa Fabrikasi
Konstruksi
Fabrication services (pumping unit for
CTU, HWU), threading & trading of Pipa
Oil Country Turbular Goods (OCTG) and
EPC projects
Patra Nusa
Data
Oil & gas data management, licensing
services, online data services and
physical storage services
Sigma Cipta
Utama
Information system and electronic data
physical storage, management services,
oil & gas geological materials storage,
radio tel services.
Elnusa Trans
Samudera
Marine oil & gas support services
10
Awards & Achievements
The Mahakam Award 2014 dari Total
6 Years Without DAFW 2014 from
EP Indonesia, for High Risk Contractor
category.
Chevron Operations.
Best of the Best 50 Companies from
Forbes Indonesia
2 Golds & 4 Silvers at Annual
Pertamina Quality Award
From Pertamina (Persero)
Best RIG HSE Performance 2014
Contract & Procurement Award
from VICO Indonesia at Badak Field
From Total EP Indonesie
11
ELSA Stock Performance
ELSA Shares Performance 2014‐2015
Harga
2014 ELSA Non Controlling Ownership
24%
800
Volum
700
600
19%
500
400
300
35%
200
100
19%
3%
0
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
ELSA shares has been apreciated 104% in 2014 from Rp 335 to
Rp 683
Issued shares 7.298.500.000 shares
Market Cap 2014 : Rp 5 trillion (+/‐ USD 430 million)
Average share price and volume in 2014 : Rp 554 dan 39mn
shs/day.
ELSA non controlling ownership in 2014 was dominated by
domestic holding by 65%
Foreign Institution : 35%
Insurance : 24%
Mutual Fund : 19%
Domestic Individuals : 19%
Others
: 3%
12
Market Share
Upstream Spending
Eksplorasi
16.106
2011
Development
17.873
2012
Production
Administration
20.384
19.375
2013
2014
Refer to Elnusa revenue of
Rp 4.2T hence Elnusa’s
market share to country’s
upstream investment is only
around 2%
Oilfield Service Market Share
ELSA
1.510
2011
Competitor
2.396
2.528
2013
2014
Refer to relevant spendingt to
maintenance business compare to
Elnusa’s oilfield services revenue,
Elnusa’s annual market share is
roughly around 5%
1.719
2012
13
USD Jt
Financial Highlights
Revenue
Cost of Revenue
Gross Profit
Operating Profit
EBITDA
Net Profit (Loss)
EPS
2013
Rp (bn)
%
4.112
100%
3.465
84%
647
16%
293
7%
599
15%
238
6%
33
1%
2014
Rp (bn)
%
4.221
100%
3.461
82%
760
18%
425
10%
665
16%
412
10%
57
1%
Total Assets
Total Liabilities
Total Equity
Account Receivables
Account Payables
Interest Bearing Debt
4.371
2.086
2.285
958
1.088
764
4.246
1.663
2.583
930
1.068
436
100%
48%
52%
22%
25%
17%
YoY
2,7%
‐0,1%
17,5%
45,1%
11,0%
73,1%
72,7%
100%
‐2,9%
39%
‐20,3%
61%
13,0%
22%
‐2,9%
25%
‐1,8%
10%
‐42,9%
1Q14
Rp (bn)
%
918
100%
771
84%
148
16%
101
11%
161
18%
54
6%
7
1%
1Q15
Rp (bn)
%
925
100%
767
83%
158
17%
106
11%
175
19%
65
7%
9 0
4.268
1.931
2.337
881
1.118
540
4.368
1.720
2.647
860
1.128
420
100%
45%
55%
21%
26%
13%
100%
39%
61%
20%
26%
10%
YoY
0,8%
‐0,5%
6,8%
5,0%
8,7%
20,4%
20%
2,3%
‐10,9%
13,3%
‐2,4%
0,9%
‐22,2%
IDR Bn
14
Yearly Performance YTD
1.200
25%
Consolidated
1.000
16%
800
20%
17%
600
500
25%
23%
400
20%
20%
15%
300
600
400
30%
Oilfield & Drilling Sevices
10%
925
918
200
200
148
5%
100
0%
‐
421
410
1Q14
95
83
0%
1Q14
1Q15
40%
Seismic Services
10%
5%
158
‐
250
15%
1Q15
500
Uneliminated
30%
Subsidiaries
35%
200
30%
25%
150
21%
15%
158
151
10%
50
15%
200
100
390
349
10%
10%
10%
5%
5%
48
33
‐
IDR bn
20%
300
20%
100
35
0%
1Q14
25%
400
31%
1Q15
0%
1Q14
Uneliminated
Revenue
39
‐
Gross Profit
Gross Margin
1Q15
Uneliminated
15
Quarterly Performance
25%
Consolidated
1400
700
40%
Oilfield & Drilling Services
35%
600
20%
1200
17%
1000
30%
500
23%
925
15%
800
25%
400
421
20%
10%
600
300
15%
200
400
158
200
0%
0
Dec 13
Mar 14
400
Jun 14
Sep 14
Dec 14
10%
95
5%
100
5%
0
0%
Mar 15
Dec 13
Mar 14
700
Seismic Services
Sep 14
Dec 14
Mar 15
25%
Subsidiaries
35%
350
Jun 14
600
30%
300
25%
250
22%
20%
200
151
150
100
20%
500
390
400
15%
300
10%
200
5%
100
0%
0
15%
10%
10%
5%
33
50
0
Dec 13
IDR bn
Mar 14
Jun 14
Sep 14
Dec 14
Mar 15
Revenue
39
0%
Dec 13
Gross Profit
Mar 14
Jun 14
Sep 14
Gross Margin
Dec 14
Mar 15
16
Oilfield & Drilling by Services
Revenue & Gross Margin
Drilling
Electric Wireline Logging
Hydraulic Workover
148
99
64
116
‐38%
61
38
1Q15
1Q14
28%
1Q14
1Q15
1Q14
Coiled Tubing Unit
68%
1Q15
Snubbing
Drilling Fluid
42
34
32%
17
31
1Q14
1Q15
1Q14
‐4%
17
1Q15
25
1Q14
34%
1Q15
IDR bn
17
Oilfield & Drilling by Services
Revenue
Well Testing
Operation Maintenance
Slickline
‐95%
29
28%
36
23
11
2%
11
2
1Q14
1Q15
1Q14
Cementing & Pumping
1Q15
1Q14
1Q15
Drilling Evaluation
‐12%
8
7
5
1Q14
1Q15
1Q14
23%
6
1Q15
IDR bn
18
Seismic Land & Acquisition
Revenue
Seismic Land & Processing
‐4%
158
151
1Q14
1Q15
IDR bn
19
Subsidiaries Performance
Elnusa Petrofin
341
336
2%
1Q14
Sigma Cipta Utama
1Q15
Patra Nusa Data
Elnusa Fabrikasi Konstruksi
77%
17
26
16
1Q14
‐12%
‐59%
14
1Q15
1Q14
7
15
1Q15
1Q14
1Q15
IDR bn
Revenue
Revenue Growth
20
Contract Replacement Profile
Contract per 1Q15 and Forward
USD jt
SEGMENT
CARRIED OVER
A
NEW CONTRACT
B
TOTAL CONTRACT
A+B
VALUE 2015 (Exp)
C
VALUE ONWARD
A+B‐C
Oilfield & Drilling
Seismic
TOTAL
230
28
258
26
60
86
256
88
344
118
40
158
138
48
186
21
Capex
750
A = New Investments
500
B = Replacements
A = 227
B = 262
A = 337
B = 30
250
489
A = 26
B = 104
A = 51
B = 59
130
110
2012
2013
366
A = 123
B = 38
160
0
IDR bn
2011
2014
1Q15
Area of Investment (Oilfield & Drilling Services & Seismic) :
Electric Wireline Unit
Portable Slickline Unit
Geophones
Coiled Tubing Unit
Barges
Modular Rig
22
Business Challenges in 2015
Oil Price
Technology
Elnusa
Challenges
In 2015
People
Competition
23
Business Challenges in 2015
Oil Price
Oil price is predicted to be remain at $50 ‐ $60 /bbl in 2015,
hence:
• Less spending on exploration (seismic & exploration
well), but not on reprocessing data.
• More focus on maintenance (good for oilfield services).
•
Technology
•
•
Competition
People
•
•
More to lateral/horizontal drilling, impacted to lower
cost (no need to drill more wells). Elnusa will make
strategic partnership to improve capabilities.
More advance to a down hole tools. Elnusa will focus to
this new technology equipments.
Become more severe, due to merging companies (HAL
& BHI) which potentially be followed by others.
Chinese companies penetration with lower fee and
more aggressive strategy.
Merger in several service companies will impact to
increasing people supply.
24
Thank You
DISCLAIMER :
The information in this document has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance
should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. None of PT Elnusa Tbk (the
“Company“), nor any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever
arising from the use of this document or its contents or otherwise arising in connection with this document.
This document is being furnished to you solely for your information on a confidential basis and may not be reproduced, redistributed or passed on, in whole
or in part, to any other person. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction. By
accepting this document you agree to be bound by the foregoing limitations.
This document does not constitute or form part of an offer or invitation to purchase any shares in the Company and neither shall any part of it form the
basis of nor be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase shares should be made solely on the basis
of information contained in the prospectus.
PT Elnusa Tbk.
Graha Elnusa
Jl. T.B. Simatupang Kav. 1B
Jakarta 12560, Indonesia
Tel: +62 21‐78830850
Fax: +62 21‐78830907
www.elnusa.co.id
25