ABS Marine Services Limited, a Chennai-headquartered maritime solutions provider, has announced significant strides in its business operations during FY25, marked by high-value strategic contracts, targeted fleet expansion, and strong momentum in the offshore support sector.
Founded in 1992, ABS Marine has grown into a major player in ship management, vessel ownership, marine services, and port operations. With a presence in key maritime hubs including Mumbai, Kochi, Kakinada, and Singapore, the company has built a reputation for delivering safe, energy-efficient, and globally competitive solutions across its four core business verticals.
Strategic Contract Wins in FY25
ABS Marine secured multiple contracts with major government and private sector clients, reinforcing its standing as a preferred maritime partner:
- Visakhapatnam Port Authority: A ₹7 crore, five-year contract was awarded for providing fire tender services, including personnel and maintenance.
- Chennai Port Authority: A high-speed patrol boat supply contract worth ₹10.23 crore for a five-year duration was secured.
- Oil and Natural Gas Corporation (ONGC):
- A 3-year offshore supply vessel charter commenced, valued at approximately ₹102 crore.
- A separate 184-day charter for a DP2 offshore vessel, starting March 27, 2025, is worth ₹27.97 crore.
- An additional 158-day DP2 Platform Supply Vessel (PSV) charter, via Alphard Logistics (with ONGC as the end client), began May 3, 2025, valued at ₹20.60 crore.
- Schlumberger Asia Services Ltd.: A major ₹197 crore contract was signed to supply and convert an offshore vessel into a well stimulation vessel.
Fleet Expansion to Meet Growing Demand
In response to increasing offshore opportunities, ABS Marine has taken bold steps to expand its fleet:
| Vessel Name | Built Year | Gross Tonnage | Delivery Period | Charter Partner | Charter Duration | Expected Revenue(₹ Cr) |
|---|---|---|---|---|---|---|
| Ocean Diamond | 2007 | 2443 | Q4 FY25 (Delivered) | ONGC (Direct) | 184 Days | 27.97 |
| EMERALD | 2008 | 2443 | Q1 FY26 (Delivered) | Alphard (ONGC) | 158 Days | 20.60 |
In addition to these, the company has contracted a new DP2 specialised offshore vessel, slated for delivery between April and June 2025. Funding for the acquisitions is being structured through a mix of debt and equity, based on vessel cost and charter terms.
Robust Offshore Presence Since IPO
- Total vessels chartered to ONGC post-IPO: 2 (Ocean Diamond and EMERALD)
- Additional offshore vessel acquisition: 1 (yet to be delivered)
These strategic additions and secured charters bolster ABS Marine’s earnings visibility through FY26, highlighting its growing dominance in the offshore support market.