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Last Updated : Dec 27, 2016 02:14 PM IST | Source: Moneycontrol.com

Asian Oilfield arm gets contract worth USD 57 mn; shares up 11%

The company's wholly owned subsidiary Asian Oilfield & Energy Services DMCC, Dubai has received Letter of Intent (LOI) for a contract of approximately USD 57 million.

 
 
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Moneycontrol Bureau

Shares of Asian Oilfield Services gained 11.2 percent intraday Tuesday as its subsidiary received contract worth USD 57 million.

The company's wholly owned subsidiary Asian Oilfield & Energy Services DMCC, Dubai has received Letter of Intent (LOI) for a contract of approximately USD 57 million.

The contract is for providing operations and maintenance services for an offshore production unit operating on an oil field in offshore Nigeria.

The contract finalisation for LOI in under progress and duration for services is three years.

The company's board at its meeting held on December 27, approved the allotment of 95 lakh warrants convertible into equity shares at an issue price of Rs 80  per warrant to Oilmax Energy & Balram Chainrai.

At 13:45 hrs Asian Oilfield Services was quoting at Rs 119.90, up Rs 12, or 11.12 percent on the BSE.

Posted by Rakesh Patil

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First Published on Dec 27, 2016 01:58 pm
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