Asian Oilfield Services rose 10.66% to Rs 119.40 at 14:07 IST on BSE after the company said its Dubai-based subsidiary received a letter of intent for a $57 million contract for providing operations and maintenance services in offshore Nigeria.
The announcement was made during trading hours today, 27 December 2016.Meanwhile, the BSE Sensex was up 223.31 points, or 0.87%, to 26,030.41.
On the BSE, so far 4.86 lakh shares were traded in the counter, compared with average daily volumes of 1.39 lakh shares in the past one quarter. The stock had hit a high of Rs 121.40 and a low of Rs 107.90 so far during the day.
The stock hit a 52-week high of Rs 124 on 14 December 2016. The stock hit a 52-week low of Rs 27.90 on 12 February 2016. The stock had outperformed the market over the past 30 days till 26 December 2016, rising 41.97% compared with the 1.94% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 77.47% as against Sensex's 8.56% decline.
The small-cap company has equity capital of Rs 22.32 crore. Face value per share is Rs 10.
Asian Oilfield Services announced that one of its wholly-owned subsidiaries, Asian Oilfield & Energy Services DMCC, Dubai has received a binding letter of intent (LoI) for providing operations and maintenance services for an offshore production unit operating at an oil field in offshore Nigeria. The duration for services is 3 years with approximate value of $57 million. The contract finalisation for LoI is under progress.
Meanwhile, in a separate announcement during trading hours today, 27 December 2016, the company said that its board approved allotment of 95 lakh warrants, convertible into equity shares, at Rs 80 per warrant. The warants will be allotted on a preferential basis. The company will issue 50 lakh warrants to Oilmax Energy, a promoter company. The company will issue 45 lakh warrants to Balram Chainrai, a non-promoter.
On a consolidated basis, Asian Oilfield Services reported net loss of Rs 11.12 crore in Q2 September 2016 as against net profit of Rs 4.09 crore in Q2 September 2015. Net sales declined 94.72% to Rs 3.09 crore in Q2 September 2016 over Q2 September 2015.
Asian Oilfield Services is engaged in providing geophysical, drilling and well services to customers across the Indian sub-continent.
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