Alphageo (India) Limited Secures Seismic Data Acquisition Contracts from ONGC

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Alphageo (India) Limited Secures Seismic Data Acquisition Contracts from ONGC

Team Finance Saathi

16/Dec/2024

What's covered under the Article:

Alphageo (India) has secured contracts from ONGC for seismic data acquisition in Chhattisgarh and Krishna-Godavari sectors.
The total value of the two contracts awarded by ONGC is Rs. 118.63 crores.
Both contracts are set to be completed by January 2026 and May 2026 respectively.

Alphageo (India) Limited, a leading provider of geophysical services, has announced the receipt of two significant 2D Seismic Data Acquisition contracts from Oil and Natural Gas Corporation Limited (ONGC). These contracts represent a substantial growth opportunity for the company, valued at Rs. 38.29 crores for the Chhattisgarh sector and Rs. 80.34 crores for the Krishna-Godavari sector, totaling Rs. 118.63 crores.

The contract in Sector 1: Chhattisgarh involves 2D seismic data acquisition and is set to be completed by January 2026. The second contract for Sector 3A: Krishna-Godavari also entails 2D seismic data acquisition, with the execution timeline extending until May 2026.

Both contracts are domestic and have been awarded under standard terms. The company has confirmed that there is no interest from its promoters or any related group companies in the entities that awarded these contracts, ensuring the projects comply with arm's length transaction standards.

These contracts represent a significant milestone for Alphageo India as they expand their services in crucial sectors within India's energy industry. The company continues to strengthen its position in the geophysical services sector and maintain a strong relationship with key clients like ONGC.

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Alphageo (India) Limited Secures Seismic Data Acquisition Contracts from ONGC

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