Bagging of a substantial new contract of Rs. 126 crore by ABS Marine Services Limited

ABS Marine Services Limited, a significant player in the offshore marine support industry, has announced a landmark achievement with the bagging of a substantial new contract. The company recently informed the National Stock Exchange about signing a long-term Charter Party Agreement, a move set to provide robust revenue visibility and strategic growth.

The pivotal agreement is with Hardy Exploration & Production (India) Inc., acting on behalf of its esteemed joint venture partners, Oil and Natural Gas Corporation Limited (ONGC) and Invenire Petrodyne Limited. This collaboration underscores ABS Marine’s strong standing and operational capabilities within the sector.

Under the terms of the contract, which commenced on June 18, 2026, ABS Marine Services will deploy its Anchor Handling Tug Supply (AHTS) vessel, MV ARTEMIS (IMO 9552264). This state-of-the-art vessel will provide crucial offshore support for the charterer’s petroleum operations located on the east coast of India, facilitating essential activities in oil and gas exploration and production.

The financial implications of this contract are substantial. The firm charter period spans 1,825 days, equivalent to five years, from the date of mobilization. Furthermore, the agreement includes a significant extension option, allowing the charterer to prolong the tenure by up to an additional 1,825 days in tranches, potentially making it a decade-long engagement.

During the initial five-year firm period, the contract is valued at approximately ₹126.12 crore, inclusive of GST (excluding fuel and fresh water costs), based on the contracted day rates. This impressive figure provides ABS Marine Services with considerable long-term revenue stability and reinforces its earnings potential. For investors, this new contract signals a healthy order book and a positive outlook for the company’s sustained performance in the dynamic marine services market.