PNN
Mumbai (Maharashtra) [India], June 26: ABS Marine Services Limited (NSE: ABSMARINE), one of the leading maritime companies offering comprehensive services in Ship Management, Vessel Ownership, Marine and Port Services has signed a Charter Party Agreement with Hardy Exploration & Production (India) Inc., acting on behalf of itself and its joint venture partners, Oil and Natural Gas Corporation Limited (ONGC) and Invenire Petrodyne Limited, for the deployment of its Anchor Handling Tug Supply (AHTS) Vessel, MV ARTEMIS.
Under the agreement, MV ARTEMIS will be deployed to support petroleum exploration and production activities on the east coast of India. The contract has a firm charter tenure of 1,825 days (5 years) from the date of mobilisation, with an option for extension by up to a further 1,825 days at the charterer's discretion. The contract is valued at approximately ₹126.12 Cr (inclusive of GST) over the firm charter period.
Contract Highlights
- Client: Hardy Exploration & Production (India) Inc., along with its JV partners ONGC and Invenire Petrodyne Limited
- Vessel: MV ARTEMIS (AHTS Vessel)
- Contract Type: Time Charter Agreement
- Contract Value: ~ ₹126.12 Crore (inclusive of GST)
- Firm Charter Period: 5 Years
- Extension Option: Up to an additional 5 Years at Charterer's option
- Area of Operations: East Coast of India
- Purpose: Supporting Petroleum Exploration and Production Activities
Strategic Impact
The contract reinforces the company's position as a trusted offshore service provider and enhances revenue visibility through a long-term charter arrangement. The deployment of MV ARTEMIS under a multi-year contract is expected to support stable vessel utilization and strengthen the Company's offshore operations portfolio.
The award also reflects the Company's proven operational capabilities and strong relationships within the offshore energy sector. With increasing focus on domestic exploration and offshore energy development, the company remains well positioned to capitalize on emerging opportunities and further expand its presence in the offshore support services segment.
Commenting on the development, Captain P.B. Narayanan, Managing Director of ABS Marine Limited, said, "We are pleased to secure this long-term charter contract for MV ARTEMIS. The award underscores the confidence placed in our operational capabilities and service standards by leading participants in the energy sector.
This contract strengthens our revenue visibility over the coming years while further reinforcing our presence in the offshore support services segment. We remain committed to delivering reliable and efficient solutions to our clients while creating long-term value for all stakeholders."
About ABS Marine Services Limited
ABS Marine Services Limited, established in 1992 and headquartered in Chennai, is one of the leading maritime companies specializing in Ship Management, Vessel Ownership, Marine, and Port Services. With offices in Mumbai, Kochi, Singapore, and Kakinada, ABS provides comprehensive maritime solutions worldwide, emphasizing professionalism, local expertise, and regulatory compliance for efficient operations. With over three decades of experience in third-party technical and crew management, the company focuses strongly on safety and energy conservation both onboard and ashore, driving excellence in the maritime industry.
For FY26, the Company has reported Consolidated Total Income of ₹ 322.64 Cr, EBITDA of ₹ 152.55 Cr & Net Profit of ₹ 80.80 Cr on consolidated basis.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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