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Last Updated : Feb 23, 2017 11:35 AM IST | Source: Moneycontrol.com

Asian Oilfield hits 1-year high on $95 mn O&M services contract

The company's wholly owned subsidiary Asian Oilfield & Energy Services DMCC, Dubai has signed a contract for providing operations and maintenance services (O&M) for an offshore production unit operating at EBOK field offshore Nigeria

 
 
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Share price of Asian Oilfield Services touched 52-week high of Rs 181, rising 10 percent intraday Thursday as it subsidiary company received a contract worth USD 95 million.

"The company's wholly owned subsidiary Asian Oilfield & Energy Services DMCC, Dubai has signed a contract for providing operations and maintenance services (O&M) for an offshore production unit operating at EBOK field offshore Nigeria," as per company release.

"The total value of contract is about USD 95 million for a total period of 5 years," it added.

Earlier on December 27, 2016 the company has announced about receipt of a binding Letter of Intent (LOI) for contract of approximately USD 57 million for providing O&M services for 3 years. The above contract of USD 95 million for a total period of 5 years is for the same LOI.

Asian Oilfield & Energy Services DMCC has also entered into an agreement to acquire 99.99 percent shareholding of Ivorene Oil Services Nigeria to provide local support for this O&M contract.

The company’s EGM is scheduled to be held on March 21, to get approval for raising funds by issue of upto 12,50,000 equity shares through preferential allotment to a non-resident investor.

At 10:42 hrs Asian Oilfield Services was quoting at Rs 171.60, up Rs 6.80, or 4.13 percent on the BSE

Posted by Rakesh Patil

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First Published on Feb 23, 2017 11:26 am
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