ABS Marine Announces Major Operational Updates

PNN
Mumbai (Maharashtra) [India], July 1: ABS Marine Services Limited (NSE: ABSMARINE), is one of the leading maritime companies offering comprehensive services in Ship Management, Vessel Ownership, Marine and Port Services, has announced two key developments that will enhance its offshore capabilities and support its long-term growth.
Long-Term Charter Agreement
ABS Marine has entered into a long-term charter agreement with Schlumberger Asia Services Limited for the deployment of a well stimulation vessel. The contract commenced on June 24, 2025, and spans three years with an option to extend for another three. This agreement ensures revenue visibility and further strengthens the company's presence in high-end offshore operations.
Highlights:
- Client: Schlumberger Asia Services Limited, Hong Kong
- Contract Value: ~₹178 crore (USD 20.67 million, incl. GST)
- Duration: 3 years firm + 3-year optional extension
- Commencement Date: June 24, 2025
- Service: Offshore well stimulation support
- Significance: Strengthens global credentials and recurring revenue base
Fleet Expansion with DP2 Well Stimulation Vessel 'AM PASSION'
The company has completed the acquisition of 'AM PASSION', a 2022-built DP2 Offshore Well Stimulation Vessel. This vessel brings advanced offshore capabilities, including dynamic positioning and stimulation systems, enhancing ABS Marine's operational strength. The vessel consists of both Well Stimulation and Well Testing packages. Including Acid, Proppant and Nitrogen pumping capabilities and testing capabilities up to 10,000 bbl./day. The acquisition supports the company's vision of modernizing its fleet and addressing global offshore project requirements.
Highlights:
- Vessel Name: AM PASSION
- Year Built: 2022
- Type: DP2 Offshore Well Stimulation Vessel
- Gross Tonnage: 4,424 tons
- Acquisition Timeline: Q1 FY25-26
- Significance: Adds modern capabilities for complex offshore missions
With the induction of AM PASSION, ABS Marine's total fleet now comprises 37 vessels -- including 8 owned, 1 on long-term charter, and 28 managed under various arrangements such as total and crew management. This strategic expansion reflects the company's continued focus on enhancing asset base to meet growing offshore demand and deliver reliable marine solutions across global markets.
Comment on Financial Performance Captain P.B. Narayanan, Managing Director of ABS Marine Limited said, "The charter agreement signed with Schlumberger Asia Services Limited marks an important addition to our offshore operations portfolio. It reflects our ability to meet specialized requirements for high-performance vessels and strengthens our presence in technically advanced offshore services. With this contract in place, our total order book now stands at over ₹542 crore, providing multi-year visibility and reinforcing our position as a dependable offshore logistics partner.
Alongside this, we have expanded our fleet with the addition of AM PASSION, a 2022-built DP2 offshore well stimulation vessel. The vessel brings enhanced operational capability and aligns with our strategy to deploy next-generation assets. Our fleet today is a mix of offshore support vessels, research ships, patrol boats, and harbour crafts--allowing us to serve a broad range of clients across energy, government, and port operations.
Both developments reflect our continued focus on strengthening execution capacity and supporting long-term growth. We remain committed to scaling responsibly, maintaining service reliability, and building a fleet that meets evolving industry needs across domestic and international markets."
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