www.elnusa.co.id

PT Elnusa TbkAnalyst Meeting 1Q17

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Agenda

COMPANYPROFILE

FINANCIALPERFORMANCE

STRATEGY & DEVELOPMENT

COMPANY PROFILE

4

Company Milestones

1969Establishment

1971‐1987

Entered seismic business, oilfied services, data management and 

fuel trading business 

2008IPO

7.298.500.000shares

2009

Non core divestment of PT Infomedia Nusantara

2011 ‐ 2012Elnusa

TurnaroundProgram

2013 ‐ 2014

Revitalizing Human Resources

2014 ‐ 2015The dawn of low oil price impacted to industry 

2016 ‐ 2017

Vanquishing Challenges through 

Ingenious Improvements

5

Elnusa Total Solution Services 

ExplorationDevelopment & Installation

Operation & Abandonment

Processing& Refinery

Logistic && Refinery

Equipm

ent /

 Sup

port

Offs

hore

Onsho

re

Seismic

Drilling Services

Well Services

Maintenance

Seismic

Well Services

Support Equipment Fabrication

OCTG Trading & Threading

Support Vessel

Chemical

Trunking

Data Management

Fleet & Depo Management

Vision : Reputable Energy Services Company by Providing Total Solution

6

Shareholder & Management Structure

PERTAMINA as controlling shareholder & major client 

PT PERTAMINA (PERSERO)41,1%

DANA PENSIUNPERTAMINA

14,9%

PT Elnusa Oilfield Services

PT Elnusa Geosains Services

PT Elnusa Fabrikasi Konstruksi

PT Patra Nusa Data

PT Sigma Cipta Utama

PT Elnusa Trans Samudera

PT Elnusa Petrofin

PT Elnusa Patra Ritel

Integrated UpstreamOil & Gas Services

Oil & Gas Support Services

Logistic & DistributionServices

99,9%

99,9%

99,9%

99,9%

97,3%

99,9%

99,9%

99,9%

ELNUSA as operating Holding Company : Seismic & Oilfield Services

41.9%

37.5%

20.6%

IndividuDomestik

Badan UsahaDomestik

Asing

PUBLIC44,0%

7

Awards & Achievements

Elnusa can compete with world class companies in terms of operational and safety performances. 

The Mahakam Award 2012‐2017 from Total E&P Indonesie, for High Risk Contractor Category

HSE recognition (NO Lost Time Incident) from Pertamina EP in 3D Seismic Survey Project Tempino

Deep Jambi , Kenali Asam & Block Ogan South Sumatra

INAMETA has been recognized as the Best ofIndustrial Applications

8 Years (2008‐2016)without “DAFW” from Chevron. 

The Best Contractor 2013 ‐2014 from Total E&P Indonesie

4 years without Lost Time Incident (2011‐2015) from PHE ONWJ

The Best Performer Achievement in HSE 

Performance 2013‐2015 from VICO  

COMPANYPERFORMANCE

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Financial Highlights 

INCOME STATEMENT 1Q16 1Q17 % Change

Revenue 921 100% 970 100% 5.3%

Cost of Revenue 707 77% 898 93% 27%

Gross Profit 214 23% 72 7% (66.5%)

Operating Profit 169 18% 24 2% (85.8%)

EBITDA 240 26% 114 12% (52.4%)

Net Profit 94 10% 5 1% (94.5%)

Revenue up 5.3% due to higher growth in distribution & logistic businessthrough our subsidiary Elnusa Petrofin and marine seismic despite decliningland seismic and DOS business.

Cost of revenue increased 27% mostly from direct material, depreciation and fuel expenses.

Despite higher revenue, profitability dropped due to slow activities in upstream services which normally gives better margin compared to distribution & logistic business.

IDR Bn

10

Financial Highlights 

BALANCE SHEET 1Q16 1Q17 % Change

Cash & Equivalents 767 18% 661 16% (13.9%)

Account Receivables 860 20% 700 17% (18.5%)

Total Assets 4.368 100% 4.206 100% (3.7%)

Account Payables & Accruals 1.128 26% 710 17% (37.0%)

Short Term Bank Loan 437 10% 528 13% 20.9%

Long Term Bank Loan 43 1% 27 1% (37.4%)

Total Liabilities 1.720 39% 1.357 32% (21.1%)

Total Equity 2.647 61% 2.849 68% 7.6%

Short term loan increased 20.9% while long term loan declined 37.4%as we shift our investment loan policy with more appropriate shortterm loan and also reducing interest expense.

Total assets declined due to drop in cash & equivalents and accountreceivables.

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Segment Highlights

326 263

26%

2%

223 116

669

‐12%

404 660

25% 13%

1Q16 1Q17

Drilling & Oilfield Services

Seismic Services

Transportation, Logistic & Other Services

Drilling & Oilfield Services revenue declined 19% to Rp263 bn mostly caused by slowing activities ofexpired blocks in Kalimantan.

Seismic Services down 47% to Rp116 bn as in 1st quarter seismic land project has just started and willbe generate revenue in second half of the year.

In Subsidiaries, revenue from logistic & distribution services EPN jumped satisfactory 107%.

IDR BnRevenue & Gross Margin

27%

12%56%

5%

DOS GSC EPN Others

1Q17Revenue

Contrbution

‐19%

‐47%

63%

12

0

100

200

300

400

500

600

700

Jan‐16 Feb‐16 Mar‐16 Apr‐16 May‐16 Jun‐16 Jul‐16 Aug‐16 Sep‐16 Oct‐16 Nov‐16 Dec‐16 Jan‐17 Feb‐17 Mar‐17 Apr‐17

Volume Price

ELSA Stock Performance

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Rp 17401/16

Rp 45609/16

Rp 60006/16

Since mid 2015 ELSA stock performance tends to have correlation with oil price  sentiment.

During 2016 September, highest price of ELSA was Rp670 and lowest price was Rp174.

in December 2016, the closing price was Rp420 and average volume was 64mn. Market Cap was around Rp3.1 trillion.

This liquidity has brought ELSA to be included to LQ 45 index for the period of August 2016 – January 2017.

Rp 42012/16

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The Best Contractor in Delta Mahakam

For the third time, ELNUSA received The Mahakam Award & The Best Contractor for category of SafetyPerformance of High Risk Contract > 400,000 Manhoursin TOTAL EP INDONESIE’s HSE Communication Forum 2016. 

ELNUSA has been operating in Delta Mahakam (for Total EP Indonesie) for more than 30 years (since 1982).

Well Testing & Slickline

ELNUSA Services in Delta Mahakam

Hydraulic Workover & Snubbing

Coiled Tubing, Well Stimulation & Pumping

Work Barge

Accommodation Work Barge

Multi Purpose Barge

STRATEGY & DEVELOPMENT

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Industry Update : Oil price is projected to recover gradually

Most of oil & gas activities were declined in 2016 compared to 2015. 

Based on SKK Migas, 2017 oil & gas budget down about 30%.

It worsened by there are numbers of expired oil & gas blocks this year and the following years. 

4,08

3 

3,29

5 

10,247

 

1,773 

6,905  6,566 

2015A 2016A 2017P

Seismic ‐ 2D (km)

Seismic ‐ 3D (sqkm)

35  43  25 

541 

227  223 

2015A 2016A 2017P

Exploration Drilling (# of well)

Development Drilling (# of well)

1,320  1,012  907 

31,578

 

38,827

  57,512

 

2015A 2016A 2017P

Workover (# of activities)Well Services (# of activities)

8 

4 

6 

3 

4 

3 

‐ 1 2 

2018 2019 2020 2021 2022 2023 2024 2025 2026

Expired Blocks

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Industry Update : Global Competitor Highlights

‐22%‐33%

‐39% ‐37%

‐4%

2016 – 2015 Revenue Growth

‐181%

‐759%

‐71% ‐39% ‐17%

2016 – 2015 Net Profit Growth

SLB HAL WFT BHI ELSA

6% 2%

‐30%

‐15%

5%

1Q17 – 1Q16 Revenue Growth

‐44%

99%55% 87%

‐95%

1Q17 – 1Q16 Net Profit Growth

SLB HAL WFT BHI ELSA

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Transition Period

Elnusa ‐ Expired Blocks Contribution

Elnusa has been working in East Kalimantan Blocks for years

1. Mahakam (Total EP – 2018 )2. Sanga Sanga (VICO ‐ 2018)3. Attaka & East Kal (Chevron – 2017/2018)

Those blocks contributes around 45% ‐ 55% to DOS segment revenue each year.For the past 2 years, contribution of those blocks were declining due to all of them will be expired and the ownership will go to Pertamina after its officially returned to government.

0

5

10

15

20

25

30

35

40

2014 2015 2016          2017 F          2018 <

Revenue Contributor to DOS

Total EP Chevron VICO

Mn USD

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Business Strategy

STABILITYMaintain Profit

Help clients in carrying outefficiency

DevelopInternal improvement

GROWTHDiversifica‐

tion

Diversification tominimize risk

Potential recurring income

Optimize Integrate Diversify

Focus on Energy in Core BusinessSelective Services in Non‐Energy Sector

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Market Penetration in Marine Support Services

Exploring New DiscoveriesContributing to National Resources

An Indonesia PrideELSA REGENT

Indonesian Flag ‐ Marine Seismic Vessel Highest seismic vessel local content 

in Indonesia (TKDN) Superior broadband seismic data 

acquisition & processing Efficient survey utilization through 

high capacity 3D seismic vessel Full azimuth dataset for subsurface 

illumination solution

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Product Development : Flare Gas 

Key Drivers Clients needs to comply with regulation Oil Company needs to reduce the oil lifting cost Potential additional income for PSC Indonesian LPG import keep increasing Big Flare gas potential in Pertamina fields

Flare to Power

Flare to LNG

Flare to CNG

0,5 – 10 mmscfd

Min. 2 mmscfd

0,2 ‐ 1 mmscfd CNG

ElnusaFlare GasSolution

Electric up to 350 kw/unit

CH4 (gas)

NGL (liquid)

Condensate (liquid)

0,009 – 0,08 mmscfd

Polusi lingkungan(CO2 & H2S)

> 200 MMSCFD(Flare Gas Indonesia)

Kewajiban Optimalisasipemanfaatan flare gas dari

Pemerintah

Flare to Liquid 

2016 Trial on Location   

2017 Scale Up

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Market Expansion to Regional Area

AlgeriaSeismic Reprocessingfor Pertamina Algeria 

E&P

MalaysiaSnubbing Services

in Petronas

BruneiMarine Support & 

Snubbing Job in Shell Brunei

India2D Land Seismic in ONGC & 3D Land Seismic in Oil India Ltd (Technical Expertise)

ThailandSnubbing services in Chevron Thailand E&P

Ongoing project / under contract

Prospect market

MalaysiaWell Testing & TCP services in Petronas Carigali & workover services in KPOC 

PT Elnusa Tbk.Graha ElnusaJl. T.B. Simatupang Kav. 1BJakarta 12560, IndonesiaTel: +62 21‐78830850 Fax: +62 21‐78830907www.elnusa.co.id

Thank YouDISCLAIMER :

The information in this document has not been independently verified. No representation or warranty expressed or implied is made as to, and no relianceshould 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 whatsoeverarising from the use of this document or its contents or otherwise arising in connectionwith 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 wholeor 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. Byaccepting 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 thebasis of nor be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase shares should be made solely on the basisof information contained in the prospectus.

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