Shipping service provider signed a charter party agreement worth Rs 197 crore with Schlumberger Asia Services Ltd

The company has a market cap of over Rs 600 crore with a PE of 26x, an ROE of 23 per cent and an ROCE 20 per cent.

ABS MARINE SERVICES LIMITED has entered into a Charter Party Agreement with SCHLUMBERGER ASIA SERVICES LIMITED. This agreement entails the charter hire of an Offshore Supply Vessel, which will be converted into a Well Stimulation Vessel. The contract, valued at approximately USD 23.5 Million or 197 Crores (inclusive of GST), is set to span 3 years initially, with an option for a further 3-year extension. This international contract was signed on November 02, 2024 and is expected to significantly contribute to ABS MARINE SERVICES LIMITED's growth and operational capabilities.

ABS Marine Ltd, a company established in 1992, specializes in providing comprehensive shipping services. Their core offerings encompass manning and technical services, as well as chartering and hiring services. A significant portion of their manning and technical services is secured through competitive tendering processes. As of FY24, the company boasts a fleet of 5 owned ships, 1 long-term chartered-in vessel, and actively manages 36 ships, demonstrating their substantial presence in the shipping industry.

On Tuesday, shares of ABS Marine Ltd gained over 12 per cent to an intraday high of Rs 263.40 per share from its previous closing of Rs 234.65 per share. The stock’s 52-week high is Rs 425 and its 52-week low of Rs 190. The company has a market cap of over Rs 600 crore with a PE of 26x, an ROE of 23 per cent and an ROCE 20 per cent.

Disclaimer: The article is for informational purposes only and not investment advice.