Amni terminates work assigned to Asian Energy Services Ltd's subsidiary

Asian Energy Services Limited (formerly Asian Oilfield Services Limited) has announced with reference to the contract of engineering and project management work for upgrade of Amni’s (Amni International Petroleum Development OML 52 Company Limited) existing production facility executed by the Company's wholly owned subsidiary Asian Oilfield & Energy Services DMCC, Dubai ("Asian DMCC/Subsidiary").

Amni has issued Notice of Suspension of work with immediate effect on account of challenging times faced by them. Accordingly, the Subsidiary has temporarily ceased all the work under the contract. Before this suspension, the work was progressing well and the Subsidiary has completed approx. 76% of work to the satisfaction of Amni.

The preparation and mobilization work will re-commence once the notice to recommence work will be received from Amni.

Shares of Asian Energy Services Limited (formerly Asian Oilfield Services Limited) was last trading in BSE at Rs.89 as compared to the previous close of Rs. 90. The total number of shares traded during the day was 64673 in over 260 trades.

The stock hit an intraday high of Rs. 93.3 and intraday low of 88. The net turnover during the day was Rs. 5892259.

Source : Equity Bulls

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