Asian Energy Private Limited receives Letter of Award from Vedanta Ltd

Asian Energy Services Limited, one of the leading service providers in the energy sector with a diverse service portfolio, has secured a four-year contract with one year extension option for operation and maintenance of Vedanta's Oil and Gas Processing Facility and Offshore Platforms in Cambay, Gujarat. Asian will commence operations from April 2022 in this contract.

Asian, in early 2019, had taken a strategic decision to expand its services beyond oil and gas and as of today has successfully secured service contracts in coal exploration and mining. After successful entry into coal mining industry, Asian's recent efforts has been towards strengthening the materials handling and O&M businesses while maintaining the focus on its seismic opportunities. The management team has been re-organized accordingly to maintain equal focus on these three verticals to achieve Company's vision.

"Asian Energy Services has always been in the forefront of delivering quality services to its customers making innovative use of technology to manage the technical challenges while maintaining highest standards of safety. The Company has recently concluded a challenging start up and commissioning project in North East India ahead of schedule and has now entered the operation and maintenance phase for the facility. This contract aligns well with our vision of growing O&M services as an independent vertical and will pave ways to consolidate our position as a significant O&M service provider in India. This fits well into Asian's vision of growth and expansion and we now aim to expand our services to offshore and other industries as well." - Mr. Ashutosh Kumar, Whole time Director and CEO.

Shares of Asian Energy Services Ltd was last trading in BSE at Rs. 147.65 as compared to the previous close of Rs. 156.90. The total number of shares traded during the day was 70789 in over 1597 trades.

The stock hit an intraday high of Rs. 159.00 and intraday low of 145.40. The net turnover during the day was Rs. 10601886.00.

Shares of Vedanta Limited was last trading in BSE at Rs. 312.10 as compared to the previous close of Rs. 323.35. The total number of shares traded during the day was 699127 in over 17836 trades.

The stock hit an intraday high of Rs. 325.75 and intraday low of 310.15. The net turnover during the day was Rs. 221668084.00.

Source : Equity Bulls

Keywords

AsianEnergyServices INE276G01015 Vedanta INE205A01025 VEDL OrderWin