• October 21, 2024
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Asian Energy Services scales 52-week high on Rs 78.24-crore ONGC contract

Asian Energy Services scales 52-week high on Rs 78.24-crore ONGC contract

The share price touched a 52-week high of Rs 131.80.

The value of LOA is Rs 78.24 crores and contract duration is 11 months.

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The share price of Asian Energy Services scaled 4.5 percent to a 52-week high of Rs 131.80 on June 19 after the company received a Letter of Award (LoA) from ONGC for 3D seismic data acquisition services in Gujarat.

Asian Energy Services said the value of the job is Rs 78.24 crore and the contract duration is 11 months.

“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 the current financial year and will boost the company’s revenue from seismic services which was subdued in the previous financial year,” said Kapil Garg, Managing Director, Asian Energy Services.

“The company expects few more awards in the coming months for Seismic services which will strengthen its order book,” he said.

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With this order, the company now has a healthy order book of approximately over Rs 900 crore, spread across seismic services, operations and maintenance services and infrastructure services.

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