ABS Marine Services Secures Major Time Charter Contract for Offshore Support Vessel MV ARTEMIS
ABS Marine Services Limited (formerly ABS Marine Services Private Limited) has signed a significant Time Charter Party Agreement with Hardy Exploration & Production (India) Inc. The contract involves the charter hire of the Anchor Handling Tug Supply (AHTS) vessel, MV ARTEMIS (IMO 9552264), to support petroleum operations along the east coast of India.The agreement details the service period and financial considerations for deploying the specialized offshore support vessel.
The terms of the contract are as follows:
| Particulars | Details |
|---|---|
| Awarding Entity | 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. |
| Vessel Type | Anchor Handling Tug Supply (AHTS) Vessel. |
| Contract Duration | The firm charter period is 1,825 days (5 years) from the date of mobilisation, with an option for extension up to a further 1,825 days at the charterer's discretion. |
| Commencement Date | June 18, 2026. |
The contract is categorized as Chartering of Vessel and was awarded by a domestic entity. The promoter group has no interest in the awarding entity, confirming that the transaction does not fall under related party arrangements.
Financial terms for the agreement are detailed below:
| Financial Aspect | Details |
|---|---|
| Contract Value | Approximately X126.12 crore (inclusive of GST at 18%) over the S-year firm charter period, based on the contracted day rates excluding fuel and fresh water. |
| Vessel Category | Anchor Handling Tug Supply (AHTS) Vessel. |
ABSMARINE Stock Price Movement
ABS Marine Services Limited shares edged higher to close at ₹228.00 today, gaining 0.18% in post-market trading. The stock saw a gain of ₹0.40 on the day, with a total traded volume recorded at 50,500 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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