Asian Energy gains on securing Rs 200-cr contract from Assam Gas Company

Asian Energy Services rallied 3.07% to Rs 394.95 after the company bagged contract worth Rs 200 crore from Assam Gas Company for supplying compressor station on build, own, operate, and transfer (BOOT) basis for 3 years.

The total contract value is Rs 200 crore of which Rs 82 crore to be realised in the first year on a free-on-truck (FOT) site basis which is inclusive of freight, unloading and stacking but exclusive of GST.

The mobilization of the 1st compressor is expected to be completed in Q4 FY25 and the rest will be completed in the following financial year.

Kapil Garg, MD, Asian Energy Services, said, We are delighted to announce that we have been awarded a significant contract by Assam Gas Company Limited to supply and operate a compressor station on a BOOT basis for a period of three years.

This achievement underscores our unwavering commitment to the operations and maintenance segment and highlights our proven expertise in delivering end-to-end upstream energy solutions. With the governments increasing emphasis on natural gas as a key component of the energy transition, we are well-positioned to leverage emerging opportunities in this evolving sector.

Asian Energy Services specialises in a geophysical range of onshore seismic and drilling services, including acquisition, imaging, field evaluation, and two-dimensional and three-dimensional seismic data acquisition services. The group also provides EPC and O&M services to various oil and gas production units.

The companys consolidated net profit was at Rs 9.29 crore in Q2 FY25, steeply higher than Rs 1.17 crore posted in Q2 FY24. Revenue from operations was at Rs 97.72 crore in Q2 FY25, up 114.86% year on year.

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