ABS Marine Services Limited (NSE: ABSMARINE), a leading player in India’s maritime and offshore services sector, has announced two major operational developments that significantly bolster its offshore capabilities and reinforce its long-term growth trajectory.
₹178 Crore Offshore Charter Agreement with Schlumberger
The company has signed a long-term charter agreement with Schlumberger Asia Services Limited, Hong Kong, for the deployment of a high-spec offshore well stimulation vessel. The contract, which commenced on June 24, 2025, is valued at approximately ₹178 crore (USD 20.67 million, inclusive of GST) and spans three years, with an option to extend for an additional three years.
The agreement provides multi-year revenue visibility and solidifies ABS Marine’s position in the offshore oilfield services space, where precision and reliability are paramount.
Key Details:
- Client: Schlumberger Asia Services Limited
- Service: Offshore well stimulation support
- Duration: 3 years + 3-year optional extension
- Start Date: June 24, 2025
- Significance: Strengthens global footprint and enhances recurring revenue base
Acquisition of DP2 Well Stimulation Vessel ‘AM PASSION’
In a parallel development, ABS Marine has expanded its offshore fleet with the acquisition of ‘AM PASSION’, a 2022-built DP2 Offshore Well Stimulation Vessel. This cutting-edge vessel is equipped with dynamic positioning systems and integrated stimulation and testing packages, making it ideal for complex offshore assignments.
The vessel is outfitted with acid, proppant, and nitrogen pumping systems, and has well testing capabilities of up to 10,000 barrels per day, significantly enhancing ABS Marine’s offshore execution capabilities.
Vessel Specifications:
- Name: AM PASSION
- Built: 2022
- Type: DP2 Offshore Well Stimulation Vessel
- Gross Tonnage: 4,424 tons
- Capabilities: Advanced stimulation & testing systems
- Acquisition Timeline: Q1 FY25–26
With this addition, ABS Marine’s fleet now comprises 37 vessels, including 8 owned, 1 on long-term charter, and 28 under various management arrangements. This reflects the company’s strategic intent to modernize its fleet and serve growing demand across the energy, government, and port logistics sectors.
Leadership Commentary
Captain P.B. Narayanan, Managing Director of ABS Marine Services Limited, stated:
“The charter agreement with Schlumberger is a major milestone, underscoring our capability to meet the complex requirements of high-performance offshore operations. This, combined with the addition of ‘AM PASSION’, significantly enhances our ability to serve clients in both domestic and international markets. Our total order book now exceeds ₹542 crore, offering long-term visibility and reinforcing our position as a trusted offshore logistics partner.”
He added, “Our diversified fleet—comprising support vessels, research ships, patrol boats, and harbour crafts—positions us to deliver reliable, tailored solutions across sectors. These updates are a reflection of our commitment to building a future-ready marine services platform.”
With these strategic developments, ABS Marine is well-poised to scale operations, meet rising offshore demand, and strengthen its role as a dependable partner in global marine logistics and offshore energy services.