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Last Updated : Aug 07, 2017 12:05 PM IST | Source: Moneycontrol.com

Asian Oilfield Services rallies 6% as Dubai subsidiary wins contract from Stratum Energy

The letter of intent is for acquisition of 730 sq km of 3D seismic data in EV-1 Moinesti Block in onshore Romania.

 
 
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Asian Oilfield Services shares rallied 6 percent intraday Monday on winning contract by its Dubai subsidiary.

"Wholly owned subsidiary, Asian Oilfield & Energy Services DMCC, Dubai has received a letter of intent (LOI) for a contract of USD 20 million from Stratum Energy Romania, LLC," the company said in its filing.

The letter of intent is for acquisition of 730 sq km of 3D seismic data in EV-1 Moinesti Block in onshore Romania.

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This letter of intent is subject to the parties concluding a contract with mutually acceptable terms, the company said.

Asian Oilfield Services is engaged in providing geophysical, drilling and well services to customers across the Indian sub-continent.

At 11:47 hours IST, the stock price was quoting at Rs 181.00, up Rs 9.30, or 5.42 percent on the BSE.

Posted by Sunil Shankar Matkar

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First Published on Aug 7, 2017 12:05 pm
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