Asian Energy Services Ltd Secures Letter of Intent of Rs. 48 Cr from Hardy Exploration & Production (India) Inc.

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Mumbai, 15th March, 2024Asian Energy Services Ltd (AESL), a leading player in the energy infrastructure sector, is delighted to announce its recent success in winning yet another important contract (alongside its partner) from Hardy Exploration & Production (India) Inc. The contract involves laying of flexible flow lines, dynamic risers, control umbilicals and associated accessories in PY3 Field in the Southern Coast of India. The esteemed project base scope is valued at approximately INR 48 CR including taxes and it will be executed in FY25. In addition to the base scope, the Letter of Intent also has a provision for extension of work scope by Hardy Exploration & Production (India) Inc. The execution of work under this award will contribute to the company’s financial performance in FY25. With this Letter of Intent, AESL has further expanded its services offering in Oil & Gas sector and aims to become the first-choice service provider for Oil & Gas companies.

Mr. Kapil Garg, Managing Director of Asian Energy Services Ltd, expressed his excitement, stating, “We are thrilled to receive Letter of Intent from Hardy Exploration & Production (India) Inc. This project award is a testament of our credibility and relations with Oil & Gas industry players. We are confident of further expanding our offerings with our esteemed customers. With recent contract awards in both Mining Services and Oil & Gas services verticals, we have strengthened our position as a credible player. Execution of these newly awarded projects along with projects we already have in our hand gives us a strong foundation and provides revenue visibility for FY25 and onwards. We are excited with the ongoing creation and modernization of infrastructure in the energy and mining sectors, and are looking to secure more projects”.

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