AAKASH Secures ₹50 Crore ONGC Contract for Rig Services

Big news from the energy sector! 🚀 Aakash Exploration Services Limited (AAKASH) has just announced a major win, securing a substantial contract from the Oil & Natural Gas Corporation Limited (ONGC). This is a fantastic development that adds significant value to AAKASH’s order book.

The company has received a Notification of Award (NOA) from ONGC for the hiring of services for a 50 MT Workover Rig. This specialized equipment is crucial for maintaining and enhancing the productivity of oil and gas wells, ensuring they continue to deliver efficiently. The services will be deployed at ONGC’s Ahmedabad Asset.

Here’s the exciting part: This is a domestic service order with a duration of five years! 🗓️ The broad consideration or size of this contract is approximately ₹50.00 Crores, which translates to a steady revenue stream of about ₹10.00 Crores per annum for AAKASH. That’s a solid commitment and a testament to AAKASH’s capabilities in the field. 💰

This long-term contract with a major public sector undertaking like ONGC not only provides revenue visibility but also reinforces AAKASH’s position as a reliable service provider in the Indian oil and gas exploration landscape. It’s a clear sign of continued trust and partnership between the two entities. 🤝

For investors and industry watchers, this announcement highlights AAKASH’s operational strength and its ability to secure significant projects from key players in the energy sector. Keep an eye on how this new contract contributes to the company’s growth trajectory! ✨

source: Corporate Announcement

Join our Telegram for instant updates!