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Last Updated : Dec 16, 2019 10:04 AM IST | Source: Moneycontrol.com

Asian Oilfield Services receives LoA worth Rs 640cr; share price rises 9%

The term of LOA is two years and company will perform services pursuant to issuance of call out notice for respective block/area.

 
 
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Asian Oilfield Services share price added 9.5 percent in early trade on December 16 after the company secured Rs 640 crore seismic data acquisition work.

The company has received a Letter of Award (LoA) for the acquisition of 2D and 3D seismic data of oil blocks located in Rajasthan and Gujarat state from a reputed oil and gas company in India, as per BSE release.

The total value of the L0A received is about Rs 640 crore (inclusive of GST).

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The term of LoA is two years and the company will perform services pursuant to the issuance of call-out notice for respective block/area.

The actual volume and value of work along with duration will be subject to the issuance of call-out notice.

The company has accepted the LoA and is in process of finalising the terms & conditions for signing the contract post this issuance of LoA.

Post the current award, our executable order book crosses about Rs 1,400 crore giving us robust revenue visibility for FY21 & FY22, the company said.

The company specialises in servicing the entire value chain from seismic data acquisition, analysing the data, turnkey drilling, building oil and gas production facility and undertaking O&M of production facility.

"We remain confident of delivering this project within the stipulated timelines and to client satisfaction. At Asian, it is our continuous endeavour to add quality orders from existing and new clients and we are confident on the growing execution capabilities of the company," said Ashutosh Kumar, Whole-time Director & CEO of Asian Oilfield.

At 0942 hrs, Asian Oilfield Services was quoting at Rs 111.90, up Rs 6.65, or 6.32 percent on the BSE.

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First Published on Dec 16, 2019 10:04 am
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