Asian Energy Services Ltd receives LOA from Svetah Energy Infrastructure FZE

Asian Energy Services Limited ("AESL") has received LOA from Svetah Energy Infrastructure FZE, UAE (Consortium Partner as per the Consortium Agreement) for the Operations & Maintenance works (O&M) of the floating production storage and offloading system ("FPSO") named Svetah Venetia ("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 USD (INR 165 crores converted at today's exchange rate). 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.

The third of its kind, Asian has achieved a key milestone with this LOA to emerge as a dependable and cost efficient service partner for the O & M of production facilities for Oil & Gas Industry.

"Asian Energy Services Ltd 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. Mr. Ashutosh Kumar, Whole-time Director and CEO.

Shares of Asian Energy Services Ltd was last trading in BSE at Rs. 98.97 as compared to the previous close of Rs. 89.98. The total number of shares traded during the day was 116671 in over 1743 trades.

The stock hit an intraday high of Rs. 98.97 and intraday low of 92.05. The net turnover during the day was Rs. 11383284.00.

Source : Equity Bulls

Keywords

AsianEnergyServices INE276G01015 Operations Maintenance SvetahEnergyInfrastructureFZE