Singapore: PT Elnusa, CGGVeritas JV Put Seismic Vessel in Active Service

PT Elnusa Tbk. in a joint venture with CGGVeritas commissioned a seismic vessel on Sunday, 17thApr’11 at Raffles Marina, Singapore. Both companies established a JV (Joint Venture) Company named PT Elnusa-CGGVeritas Seismic to operate the seismic vessel, which has been designed and outfitted to conduct marine seismic surveys in Asia Pacific region, in particular Indonesia. Among the VIPs during the commissioning and christening of the vessel were His Excellency Ambassador of France to Singapore Olivier Caron, CEO of CGGVeritas Jean-Georges Malcor, CEO of PT Elnusa Tbk. Suharyanto, representatives of Ministry of Energy and Mineral Resources of Indonesia, Indonesia Executive Agency for Upstream Oil and Gas, PT Pertamina and PT Benakat Petroleum Energy Tbk.

“PT Elnusa Tbk. has been investing significantly in marine seismic survey services, in line with the increasing demand for offshore and deep sea oil and gas reserves exploration and exploitation,” says Suharyanto, CEO of PT Elnusa Tbk. “PT Elnusa Tbk. has estimated a revenue earning of USD 55 million between 2011-2012 from both Indonesian and Asia Pacific region marine seismic markets,” added Suharyanto.

The establishment of PT Elnusa-CGGVeritas Seismic to jointly operate the seismic vessel is one PT Elnusa Tbk.’s long-term strategies to focus on integrated upstream oil and gas services. PT Elnusa Tbk.’s strength in geoscience seismic marine is proven by its expertise and equipment availability that will be fully operational at the end of Q2 2011. “We are optimistic we will be able to dominate the Indonesian and Asia Pacific region marine seismic markets with our pioneering Indonesian-flagged seismic ship,” commented Suharyanto. “Our seismic ship is primarily local content of Indonesia. Indonesian oil and gas regulations Number 22 of 2011 give priority cabotage to Indonesian-flagged seismic vessel to conduct marine seismic survey within Indonesian territorial waters,” added VP of Corporate Secretary PT Elnusa Tbk., Heru Samodra. Besides Indonesian market, PT Elnusa Tbk. is also aggressively trying to penetrate Asia Pacific regional market in line with the increasing demand by Southeast Asian countries for exploration and exploitation on offshore and deep sea oil and gas reserves. This vessel will first operate in Vietnam territorial waters before proceeding to Indonesia’s.

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Source: PT Elnusa-CGGVeritas, April 18, 2011.