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Senin, 11 April 2011

Elnusa, CGGVeritas Set Up Joint Venture for Seismic Marine - The Indonesia Today

Oil and gas services company PT Elnusa Tbk (ELSA) and CGGVeritas, French-based seismic service company, had in April 7, 2011 signed joint venture (JV) agreement for setting up a joint venture company for seismic marine.

The JV will be named as PT Elnusa-CGGVeritas Seismic with Elnusa holding 51% ownership in the JV while the remaining 49% is owned by CGGVeritas Services (Singapore) Pte Ltd.

Suharyanto, ELSA's president director, said the JV will operate national-flag seismic vessel "Elnusa Finder" by the end of second quarter of this year.

Heru Samodra, ELSA's corporate secretary, said the business of offshore seismic will boost ELSA's consolidated operating income this year.

He expects the seismic marine business will contribute around 25% of ELSA's operating income from upstream oil and gas segment in 2011.

Heru added the business of transition zone seismic has grown significantly by 287% (CAGR) in the past three years.

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