• The value of the LOA is INR 78.24 crores
• The Duration of the contract is 11 months
Mumbai, June 22nd, 2023: Asian Energy Services Ltd (AESL) receives a Letter of Award (LOA) worth INR 78.24 crores for 3D Seismic Data Acquisition services from Oil & Natural Gas Corporation Ltd (ONGC). ONGC had invited bids for the project; in which Asian Energy Services Ltd. had participated and emerged as the selected bidder. Work on the project will take place near Nardipur village, situated in Kalol taluka of Gandhinagar district in Gujarat and is expected to start post-monsoon.
Asian Energy Services Limited (AESL) is the first company in Asia-Pacific and the Middle East to implement cable-free real-time seismic data collection technology. It is also the first Indian seismic company to execute several seismic operations in India, Indonesia, and Iraq at the same time. Asian Energy Services Limited (AESL) has entered the upstream Oil and Gas Production (E&P) market, broadening its capabilities across the whole upstream value chain. With the addition of the E&P business vertical, AESL will be able to improve its cash flow visibility and diversify its cash flows beyond its existing seismic, oilfield O&M, and infrastructure services verticals.
Commenting on the development, Mr. Kapil Garg, Managing Director, Asian Energy Limited., said, “Following a period of muted activity on the seismic contract award, proud to add this LOA to our portfolio as it signals the commencement of inflow of seismic services contracts. The majority of work under this LOA will be completed in the current financial year and will boost the company’s revenue from Seismic services which was subdued in the previous financial year. The company is expecting a few more awards in the coming months for Seismic services which will strengthen the company’s order book.
With this order, ASIAN now has a healthy order book of approx. over INR 900 crores (including this order) spread across Seismic Services, Operations & Maintenance Services, and Infrastructure Services.”
About Asian Energy Services Limited: (BSE: 530355 | NSE: ASIANENE):
Asian Energy Services Limited (AESL) offers end-to-end services which extend across the entire upstream value chain. AESL’s service offerings including 2D and 3D Seismic Geophysical Data Acquisition, Integrated Supply and Installation of Coal Handling Plants and Rapid Loading Systems, as well as the Supply, Commissioning, and integrated Operations and Maintenance (O&M) of Onshore and Offshore Oil and Gas Production Facilities. Since its acquisition by OEPL, AESL has diversified its business verticals to capture more value across the energy and upstream oil and gas value chains, for long term value creation for its investors and shareholders.