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Asian Oilfield Services Ltd secures Rs 640-crore seismic data acquisition work

Posted On: 2019-12-14 16:46:02

Asian Oilfield Services Limited ("Company") has received a Letter of Award (LOA} for acquisition of 20 and 30 seismic data of oil blocks located in Rajasthan and Gujarat State from a reputed oil and gas company in India. The total value of the LOA received is about Rs. 640 crore (inclusive of GST).

The term of LOA is two years. The Company will perform services pursuant to issuance of call out notice for respective block/area. The actual volume and value of work along with duration will be subject to issuance of call out notice.

The Company has accepted the LOA and is in process of finalizing the terms & conditions for signing the contract post this issuance of LOA.

Post the current award, our executable order book crosses about Rs. 1,400 crore giving us robust revenue visibility for FY21 & FY22.

Asian Oilfield Services Limited specializes in servicing the entire value chain from seismic data acquisition, analysing the data, turnkey drilling, building oil and gas production facility and undertaking O&M of production facility.

Commenting on the same, Mr. Ashutosh Kumar, Whole-time Director & CEO said, "The receipt of this LOA for undertaking 20 and 30 seismic survey from an esteemed oil and gas company is an important step in our journey to realize our growth potential and unlock the inherent strength of our specialized skills and technical competencies in a niche area of providing all oilfield related services to exploration & production (E&P) companies.

We are proud to receive this LOA as this has been secured following a series of technical discussions I evaluation and highly competitive bidding process. We remain confident of delivering this project within the stipulated timelines and to client satisfaction. At Asian, it is our continuous endeavor to add quality orders from existing and new clients and we are confident on the growing execution capabilities of the Company."

Shares of ASIAN OILFIELD SERVICES LTD. was last trading in BSE at Rs.106 as compared to the previous close of Rs. 106. The total number of shares traded during the day was 22577 in over 108 trades.

The stock hit an intraday high of Rs. 106 and intraday low of 102.55. The net turnover during the day was Rs. 2371348.


Source: Equity Bulls

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