ABS Marine Services, a leading maritime company, 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 and Invenire Petrodyne, for 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 5 years from the date of mobilisation, with an option for extension of another 1,825 days at the charterer’s discretion.
The contract is valued at about ₹126 crore over the firm charter period.
The contract reinforces the company’s position as a trusted offshore service provider and enhances revenue visibility through a long-term charter arrangement, said the company.
The deployment of MV ARTEMIS under a multi-year contract is expected to support stable vessel utilisation and strengthen the company’s offshore operations portfolio, it added.
With increasing focus on domestic exploration and offshore energy development, the company remains well positioned to capitalise on emerging opportunities and further expand its presence in the offshore support services segment.
Captain PB Narayanan, Managing Director of ABS Marine Services, said the contract strengthens revenue visibility over the coming years while further reinforcing the company’s 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,” he added.