ABS Marine Boosts Offshore Prowess with Strategic Charter and Fleet Expansion

ABS Marine Services Limited announces a pivotal long-term charter deal with Schlumberger Asia Services and acquires a state-of-the-art vessel, AM PASSION, to bolster its operational capabilities. These strategic moves underscore the company's commitment to expanding its offshore offerings and maintaining competitive edge in global markets.

In a bid to enhance its offshore capabilities, ABS Marine Services Limited (NSE: ABSMARINE) has announced two significant developments. The maritime leader has secured a long-term charter agreement with Schlumberger Asia Services Limited for a well stimulation vessel, commencing June 24, 2025. The contract spans three years, with a potential three-year extension, ensuring steady revenue and reinforcing ABS Marine's standing in advanced offshore operations.

The contractual partnership with Schlumberger Asia Services is valued at approximately ₹178 crore (USD 20.67 million, including GST) and marks a substantial addition to ABS Marine's portfolio. The agreement deepens the company's market penetration and enhances its global credentials in high-end offshore services. Additionally, ABS Marine has expanded its fleet with the acquisition of the 2022-built DP2 Offshore Well Stimulation Vessel, AM PASSION. This vessel is equipped with dynamic positioning and well stimulation systems, including acid, proppant, and nitrogen pumping capabilities, and testing up to 10,000 barrels per day.

Captain P.B. Narayanan, Managing Director of ABS Marine, highlighted these developments as pivotal to the company's growth strategy. Narayanan emphasized the importance of the charter agreement in securing multi-year service commitments and elevating ABS Marine's status as a reliable offshore logistics partner. With these advancements, ABS Marine's fleet now consists of 37 vessels, embodying a mix of offshore support, research, and patrol vessels, further affirming the company's readiness to meet the demands of a diverse client base across energy, government, and port operations.

(With inputs from agencies.)