Aakash Exploration Services Limited has informed the Exchange about Awarding of order(s)/contract(s)
AAKASH · price
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Aakash Exploration Services has received a Notification of Award from Oil & Natural Gas Corporation Limited (ONGC) for hiring services of a 50 MT Workover Rig for ONGC's Ahmedabad Asset. The contract duration is five years. The total value of the contract is approximately ₹50 Crores, translating to ₹10 Crores per annum. This is a domestic service order with no related-party interest from the promoter group. The disclosure has been made under SEBI Listing Regulations.
This is a positive development as it adds a long-term (5-year) revenue stream from a reputed public-sector client, improving order book visibility. The ₹50 Crore size is significant for a small-cap company and should support steady annual revenue of around ₹10 Crores.