Asian Oilfield Services Limited ('the Company') has received a binding Letter of Intent ('LOI') from Oilmax Energy Private Limited for surface facilities for its Charaideo field in Assam to handle and process hydrocarbon fluids. The scope of work includes the engineering, procurement, construction, installation, commissioning, supply, and operations & maintenance of the said facilities. The value of the contract is approximated at Rs.210 crores including operations & maintenance for 10 years.
Oilmax Energy Private Limited is the holding company and promoter of the Company. The Company has taken approval of the shareholders for the proposed related party transaction at its Annual General Meeting held on 18th September, 2018. The transaction is on arms' length basis.
The Company has acknowledged the receipt of this Letter of Intent and has initiated the acceptance and execution of the same.
Shares of ASIAN OILFIELD SERVICES LTD. was last trading in BSE at Rs.75.2 as compared to the previous close of Rs. 70.2. The total number of shares traded during the day was 62367 in over 348 trades.
The stock hit an intraday high of Rs. 76.4 and intraday low of 70.5. The net turnover during the day was Rs. 4586034.