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Asian Energy Services gains on inking MoU with RosGeo
13-Oct-21   15:18 Hrs IST

The memorandum of understanding (MoU) is for long-term cooperation in seismic and geophysical surveys in India and other countries.

RosGeo is the largest geological exploration holding company in the Russian Federation with a developed production and technical capabilities, high professional competences and a unique scope of accumulated geological information.

Under this MOU both AESL and RosGeo will jointly consider opportunities in offshore, onshore and transit geophysical work including data acquisition, processing and interpretation. The cooperation between both parties expands to aero-geophysical, gravity & magnetic surveys as well and other services including drilling as mutually agreed between AESL and RosGeo.

Ashutosh Kumar, whole time director and CEO, said, “We are excited and pleased to partner with RosGeo for long term cooperation. AESL has been focusing mainly on onshore seismic surveys in India and with this MOU, AESL will be able to explore various opportunities in Offshore and Transit zone seismic surveys as well.

Further, expertise of RosGeo in aero-geophysical, gravity & magnetic surveys will also help us in exploring opportunities in other minerals segment. This partnership with RosGeo provides us both technical strengths as well operation capabilities with access to very wide resources (equipment and manpower) pool.

This long-term cooperation will be a stepping stone in AESL journey to expand its services portfolio to different type of geophysical surveys in all terrains be it onshore, offshore and transit.”

Asian Energy Services specializes in a geophysical range of onshore seismic and drilling services, including acquisition, imaging and field evaluation and two-dimensional (2D) and three-dimensional (3D) seismic data acquisition services. The group also provides EPC and operations and maintenance services for various oil & gas production units.

The company's consolidated net profit surged to Rs 20.62 crore in the quarter ended June 2021 as against Rs 5.07 crore during the previous quarter ended June 2020. Net sales rose 11.33% YoY to Rs 76.96 crore during the quarter.

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