Asian share price rockets into space

Vol 20, PW 11 (23 Feb 17) News in Brief

Seismic contractor Asian Oilfield's lucky streak under new boss Kapil Garg continues as its share price shoots into outer space.

Over the past 12 months from February 24, 2016 to February 20, 2017 Asian's share price has registered a phenomenal almost six-fold increase or 593%. Garg took over Asian on April 11 last year and has pushed it hard to win a string of Oil India contracts through a series of aggressive bids.

Its latest is a 870-lkm Oil India 2D job over unexplored areas of Manipur which must be completed within 14 months of the LoA issued on January 16 after Asian quoted Rs142.87cr ($22m) to beat Globe Ecologistics which quoted Rs180cr ($27m). But with its hilly and forested inaccessible terrain, not to mention vulnerability to economic blockades, Manipur is not an easy place to work.

In this tender Oil India also received bids from Russia's GeoTech Seismic Services, Quippo and UAE-based South Asia Consultancy. Last year, Asian also won a 875-lkm Oil India 2D contract in the North Cachar or Karbi Anglong area of Assam in addition to a 2633-lkm 2D job won in October.

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