Asian Oilfield gains after securing order

Asian Oilfield Services rose 1.43% to Rs 106.75 after the company said it secured Rs 640 crore seismic data acquisition work.

Asian Oilfield Services announced on Saturday, 14 December 2019, that it received a Letter of Award (LOA) for acquisition of 2D and 3D seismic data of oil blocks located in Rajasthan and Gujarat State from a reputed oil and gas company in India. The total value of the LOA received is about Rs 640 crore (inclusive of GST).

The term of LOA is two years. The company will perform services pursuant to issuance of call out notice for respective block/area. The actual volume and value of work along with duration will be subject to issuance of call out notice.

The company has accepted the LOA and is in process of finalizing the terms & conditions for signing the contract post this issuance of LOA.

Post the current award, our executable order book crosses about Rs 1,400 crore, providing robust revenue visibility for FY2021 & FY2022.

On consolidated basis, the company reported a net profit of Rs 6.29 crore in Q2 September 2019 as against a net loss of Rs 1 crore in Q2 September 2018. Net sales jumped 45.9% to Rs 55.52 crore on YoY basis.

Asian Oilfield Services specializes in servicing the entire value chain from seismic data acquisition, analysing the data, turnkey drilling, building oil and gas production facility and undertaking O&M of production facility.

Powered by Capital Market - Live News