Shipping service provider commenced a contract agreement of Rs 27.97 crore with Oil & Natural Gas Corporation Ltd

The company has a market cap of over Rs 230 crore with a PE of 26x, an ROE of 23 per cent and an ROCE of 20 per cent.

On Friday, shares of ABS Marine Services Ltd hit a 5 per cent upper circuit to Rs 96.75 per share from its previous closing of Rs 92.15 per share. The stock is down by 77 per cent from its 52-week high of Rs 425 per share and up 5.05 per cent from its 52-week low of Rs 92.10 per share.

ABS Marine Services Limited hereby notifies the commencement of a charter hire contract with Oil & Natural Gas Corporation (ONGC), effective March 27, 2025. The contract pertains to a DP-2 Platform Supply Vessel, with a duration of 184 days plus an optional 30-day extension. The contract value is approximately Rs 27.97 crore, inclusive of Goods and Services Tax. This is a domestic contract.

ABS Marine Ltd, a company established in 1992, specializes in providing comprehensive shipping services. Their core offerings encompass manning and technical services, as well as chartering and hiring services. A significant portion of their manning and technical services is secured through competitive tendering processes. As of FY24, the company boasts a fleet of 5 owned ships, 1 long-term chartered-in vessel, and actively manages 36 ships, demonstrating its substantial presence in the shipping industry.

The company has a market cap of over Rs 230 crore with a PE of 26x, an ROE of 23 per cent and an ROCE of 20 per cent.

Disclaimer: The article is for informational purposes only and not investment advice.