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Asian Energy Services edges higher after securing LoA from Sun Petrochemicals

14-Jun-2024 | 11:33
Asian Energy Services advanced 1.28% to Rs 284.85 after the company announced the receipt of a letter of award (LoA) from Sun Petrochemicals for three-dimensional seismic data acquisition & processing services for Sunpetro?s fields/blocks in Gujarat.

The value of LoA is Rs 37.71 crore, excluding GST. The work under this LoA will be executed in six months.

Kapil Garg, managing director, Asian Energy Services, said: This is the first Seismic contract we have secured in this Financial Year from Sun Petrochemicals Private Limited.

This not only shows our leadership position in the seismic services field, but also indicates inflow of new work orders.

Asian Energy Services specialises in a geophysical range of onshore seismic and drilling services, including acquisition, imaging and field evaluation and two-dimensional and three-dimensional seismic data acquisition services. The group also provides EPC, and O&M services to various oil and gas production units.

The company had reported a net profit of Rs 14.57 crore in the quarter ended March 2024 as against net loss of Rs 6.55 crore during the previous quarter ended March 2023. Sales zoomed to Rs 118.73 crore in Q4 FY24 from Rs 28.69 crore in Q4 FY23.

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