ABS Marine Services Secures Multi-Year Charter Contract Worth ₹ 126.12 Cr for Offshore Support Vessel MV ARTEMIS
Mumbai, June 22, 2026 - ABS Marine Services Limited, a prominent maritime company offering comprehensive services including Vessel Ownership, Ship Management, and Port Services, has secured a significant Charter Party Agreement. The contract involves the deployment of its Anchor Handling Tug Supply (AHTS) vessel, MV ARTEMIS, to support petroleum exploration and production activities on the east coast of India.The agreement was signed 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. The contract is valued at approximately ₹ 126.12 Cr (inclusive of GST) for the initial firm charter period.
MV ARTEMIS will be utilized for supporting petroleum exploration and production activities along the east coast of India. The terms of the agreement provide substantial stability and operational commitment to ABS Marine Services Limited.
A breakdown of the contract highlights is as follows:
| Aspect | Details |
|---|---|
| Client | Hardy Exploration & Production (India) Inc., ONGC, and Invenire Petrodyne Limited |
| Vessel Type | MV ARTEMIS (AHTS Vessel) |
| Contract Value | Approximately ₹ 126.12 Crore (inclusive of GST) |
| Firm Charter Period | 5 Years (1,825 days) |
| Extension Option | Up to an additional 5 Years at the charterer's discretion |
| Operation Area | East Coast of India |
The long-term nature of this contract strengthens ABS Marine Services Limited’s position as a trusted offshore service provider. The award is expected to support stable vessel utilization and reinforce the company’s portfolio in offshore operations, capitalizing on the increasing focus on domestic exploration and energy development.
Commenting on the contract achievement, Captain P.B. Narayanan, Managing Director of ABS Marine Limited, stated that the award underscores the confidence placed in the company's operational capabilities and service standards by leading participants in the energy sector. He added that the contract enhances revenue visibility over the coming years and reinforces the company’s presence in the offshore support services segment.
Company Profile and Financial Performance
ABS Marine Services Limited, established in 1992 and headquartered in Chennai, is a leader in maritime solutions, specializing in Vessel Ownership, Ship Management, Marine, and Port Services. The company maintains offices across Mumbai, Kochi, Singapore, and Kakinada.For the fiscal year FY26, ABS Marine Services reported solid consolidated financial results:
| Metric | Figure (Consolidated) |
|---|---|
| Total Income | ₹ 322.64 Cr |
| EBITDA | ₹ 152.55 Cr |
| Net Profit | ₹ 80.80 Cr |
ABSMARINE Stock Price Movement
Today, shares of ABS Marine Services Limited edged higher to close at ₹239.40, recording a 5.00% gain in trading activity. The stock closed strong after navigating its intraday range between a low of ₹231 and a high of ₹239.40, with a reported volume of 46,500 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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