During Thursday’s trading session, shares of a company involved in the business of providing shipping services hit a 2 percet upper circuit on NSE, after signing a Charter Party Agreement worth Rs. 178 crores with a Hong Kong-based company.
With a market cap of Rs. 483.8 crores, the shares of ABS Marine Services Limited hit a 2 percent upper circuit at Rs. 197.1 on BSE, as against its previous closing price of Rs. 193.25.
What’s the News
According to recent regulatory filings on the NSE, ABS Marine Services Limited has entered into a Charter Party Agreement with Schlumberger Asia Services Limited, a Hong Kong-based company.
The deal, valued at $20.67 million or nearly Rs. 178 crores, for the initial three years, involves the charter hire of an offshore well stimulation vessel. The contract has a three-year term, with an option to extend it for an additional three years at Schlumberger’s discretion.
Financials & more
ABS Marine reported a significant growth in its revenue from operations, showing a half-yearly rise of around 25 percent HoH from Rs. 80 crores in H1 FY25 to Rs. 100 crores in H2 FY25. Similarly, its net profit increased during the same period from Rs. 8 crores to Rs. 19 crores, representing an impressive growth of around 137 percent HoH.
As of the second half of FY25, the company has secured contracts worth more than Rs. 364 crores, strengthening ABS Marine’s recurring revenue base and industry partnerships across critical offshore and port operations.
ABS Marine Services Limited is engaged in four business segments: Ship Owning, Marine Services, Ship Management, and Port Services. It is a fully integrated company with in-house complete vessel management, including commercial management.
The company provides crew management services to ships comprising oil tankers, gas tankers, bulk carriers, passenger vessels, offshore support vessels, harbour crafts and high-speed crafts. It also has an international presence delivering services through offices strategically positioned in Mumbai, Kochi, Singapore and a satellite office in Kakinada.
Written by Shivani Singh
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