Asian Energy Services receives LoA worth Rs 78.24 cr from ONGC for 3D seismic data acquisition services

New Delhi: Asian Energy Services Limited (AESL), a leading provider of energy services, announced in a regulatory filing on Monday that it has received a contract from Oil and Natural Gas Corporation (ONGC). The contract, in the form of a Letter of Award (LOA), is valued at Rs 78.24 crores and entails the provision of 3D Seismic Data Acquisition services in Gujarat, the filing added. Further, it added that the contract duration is for 11 months.

The majority of work under this LOA will be completed in the current financial year: Garg

Commenting on the contract win, Kapil Garg, Managing Director of Asian Energy Services Ltd said, "Following a period of muted activity on seismic contract award, this LOA signals the commencement of inflow of seismic services contracts. The majority of work under this LOA will be completed in the current financial year and will boost the company’s revenue from Seismic services which was subdued in the previous financial year."

'ASIAN now has a healthy order book of approx over Rs 900 cr'

"The company is expecting a few more awards in the coming months for Seismic services which will strengthen the company’s order book. With this order, ASIAN now has a healthy order book of approximately over Rs 900 crores (including this order) spread across Seismic Services, Operations & Maintenance Services, and Infrastructure Services,” Garg added.

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