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 Letter of Award from Oil and Natural Gas Corporation Limited (ONGC), a major government-owned oil and gas company. The contract involves charter hiring of one 50 MT Workover Rig for deployment at ONGC's Ahmedabad Asset. The order value is approximately Rs. 19.36 Crores and the contract duration is three years. It is a domestic service order with no related-party involvement. The company has filed the disclosure under SEBI's Listing Regulations, indicating the order is considered material.
This is a positive development for shareholders as it adds a sizeable, long-term contract from a prestigious PSU client, providing revenue visibility for three years. The order reinforces Aakash's position in oilfield services and could improve investor sentiment, though the small order size relative to ONGC's scale limits upside potential.