Asian Energy Services Hits 52-Week High on Rs 78.24-Crore ONGC Contract

20 Jun 2023 , 12:12 PM

The share price of Asian Energy Services surged by 4.5 %, reaching a 52-week high of Rs 131.80 on June 19, following the company’s receipt of a Letter of Award (LoA) from ONGC for 3D seismic data acquisition services in Gujarat.

Asian Energy Services stated that the contract for the job is valued at Rs 78.24 crore, with a duration of 11 months.

Let’s hear it from the CEO: Kapil Garg, the Managing Director of Asian Energy Services, who expressed that the LoA marks the beginning of seismic services contract inflow after a period of low activity. He mentioned that the majority of the work under this LoA would be completed in the current financial year, contributing to increased revenue from seismic services compared to the previous year.

Garg further stated that the company anticipates receiving additional awards for seismic services in the upcoming months, which will enhance its order book.

With the latest contract, Asian Energy Services now boasts a robust order book of approximately Rs 900 crore, covering seismic services, operations and maintenance services, and infrastructure services.

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