PHE Officially Dominates Elnusa's 51% Shares, Elnusa Ready to Increase Synergy

Jakarta, December 3, 2021 - PT Elnusa Tbk (Elnusa), a leading national energy service provider with stock code issuer ELSA, received an official notification through the Indonesia Stock Exchange regarding the sales transaction of the Company's shares previously owned by Dana Pensiun Pertamina (DPP) amounting to 9,9% has been officially purchased by PT Pertamina Hulu Energi (PHE) as the head of Pertamina's Upstream Subholding on December 1, 2021. With this transaction, PHE becomes the majority shareholder of Elnusa with 51%.

President Director of Elnusa, Ali Mundakir said that the corporate action carried out by PHE is a positive signal for the Company as well as concrete evidence of efforts to strengthen the formation of Pertamina's Upstream Subholding, and alignment of the core business scope in the upstream oil and gas sector. "We will increase synergies and collaborations to support the operational performance of the Upstream Subholding to Elnusa as the controlling shareholder."

Ali added, "So far, Elnusa's eminent competence and capability has been proven to support the performance of upstream subholding".

Elnusa believes that this strategic step from PHE will further strengthen Elnusa's position as a national energy services company in Indonesia that is able to provide total solutions to customers and will ultimately provide benefits and able to increase the value of better services for clients and shareholders.

"We have a complete business segmentation in energy services from upstream to downstream, thus we are ready to collaborate and continue synergizing to play an active role in supporting the Upstream Subholding, Pertamina Group, and other KKKS in realizing the target of national oil and gas production enhancement of 1 million BOPD in 2030 optimistically," stated Ali.**