Asian Energy Services Ltd receives LOA worth INR 78.24 crores for 3D Seismic Data Acquisition services from ONGC

Asian Energy Services Limited ("AESL") has received LOA from ONGC for 3D Seismic Data Acquisition services in Gujarat. The value of LOA is INR 78.24 crores. The contract duration is 11 months.

Mr. Kapil Garg, Managing Director, Asian Energy Services Ltd., speaking about the order win said, Following a period of muted activity on seismic contract award, this LOA signals the commencement of inflow of seismic services contracts. The majority work under this LOA will be completed in current financial year and will boost company's revenue from Seismic services which was subdued in the previous financial year. Company is expecting few more awards in coming months for Seismic services which will strengthen the company's order book.

With this order, ASIAN now has a healthy order book of apprx over INR 900 crores (including this order) spread across Seismic Services, Operations & Maintenance Services and Infrastructure Services."

Shares of Asian Energy Services Ltd was last trading in BSE at Rs. 124.85 as compared to the previous close of Rs. 123.05. The total number of shares traded during the day was 16799 in over 152 trades.

The stock hit an intraday high of Rs. 129.20 and intraday low of 123.50. The net turnover during the day was Rs. 2126016.00.

Source : Equity Bulls

Keywords

AsianEnergyServices INE276G01015 LOA ONGC 3DSeismicDataAcquisitionServices Gujarat