Up by 80 per cent in 13 trading sessions; this company wins a new work order worth Rs 165 crore!

Shares of the company have gained more than 7 per cent in today’s trade.

On March 21, 2023, Asian Energy Services Limited informed in the exchange filing that the company has received a letter of award from Svetah Energy Infrastructure FZE, UAE for the operations and maintenance works of the floating production storage and offloading system named Svetah Venetia, to be deployed for production of oil and gas in the offshore area of contract area, located near Puducherry, on the east coast of India. The estimated value is around USD 20 million (Rs 165 crore converted at today’s exchange rate).

The primary term is proposed to be 5 years commencing from the date of readiness of Svetha Venetia to receive hydrocarbons. Asian has achieved a key milestone with this order to emerge as a dependable and cost-efficient service partner for the operations & maintenance of production facilities for the oil & gas Industry.

Asian Energy Services Limited is an oilfield service and reservoir imaging company, offering a suite of geophysical services specializing in land and well seismic services and operation and maintenance services for oilfields.

Today, the stock opened at Rs 104.15, with a high and low of Rs 108 and Rs 101. The stock previously closed at Rs 98.97. The stock closed trading at Rs 105.78, up by 6.88 per cent.

The stock has a 52-week high of Rs 129 and a 52-week low of Rs 51.76. The company has a market capitalisation of Rs 402.75 crore.