Asian Energy Services gains on bagging order from Svetah Energy

Asian Energy Services jumped 2.53% to Rs 101.47 after the company received letter of award (LoA) from Svetah Energy Infrastructure FZE, UAE for operations and maintenance works (O&M) of Svetah Venetia.

Svetah Energy Infrastructure FZE is a consortium partner, as per the consortium agreement, the operations & maintenance works of the floating production storage and offloading system (FPSO) named Svetah Venetia, to be deployed for production of oil and gas in the offshore area of contract area CY-OS-90/1 (PY3 field), located near Puducherry, on the east coast of India.

The estimated value of LoA is around $20 million or Rs 165 crore. The primary term is proposed to be 5 years commencing from the date of readiness of Svetha Venetia to receive hydrocarbons from PY_3 field.

Ashutosh Kumar, whole-time director and chief executive officer (CEO), said, Asian Energy Services is well-positioned to engage in further development and expansion, and is scouting opportunities to broaden our service offerings in energy sector. The award of this LoA for operation & maintenance services paves a way for the sustainable growth of the company.

Asian Energy Services specialises in a geophysical range of onshore seismic and drilling services, including acquisition, imaging and field evaluation and two-dimensional and three-dimensional seismic data acquisition services. The group also provides engineering, procurement and construction, and operations and maintenance services for various oil and gas production units.

The company reported consolidated net loss of Rs 10.41 crore in Q3 FY23 as compared to net profit of Rs 4.50 crore in Q3 FY22. Net sales declined 58.7% to Rs 20.89 crore in Q3 FY23 as compared with Rs 69.98 crore in Q3 FY22.

Powered by Capital Market - Live News