ABS Marine Services Limited has informed the stock exchange that one of its vessels has been awarded a new contract. The vessel is M.V. Ocean Diamond, and the contract has been given by Oil India Limited, one of India's major oil and gas companies.
The company shared this information on November 12, 2026, as required under stock exchange rules for sharing important business updates.
What Is the Contract About?
The contract is for chartering — which means hiring out — the vessel M.V. Ocean Diamond to Oil India Limited. The vessel will work as an Offshore Supply Vessel under this contract. An offshore supply vessel is a type of ship that carries equipment, fuel, food and other supplies to oil and gas platforms located in the sea.
M.V. Ocean Diamond is classified as a DP-2 Platform Supply Vessel. DP-2 means the ship has a special system called Dynamic Positioning, which allows it to stay in one exact spot in the sea on its own, without using anchors. This is very important for supply operations near offshore oil rigs.
How Big Is the Contract?
The total value of the contract is approximately ₹119.12 crore, inclusive of GST (Goods and Services Tax) and the extension period. This is the figure stated in the filing; the company has described it as approximate.
How Long Will the Contract Run?
The contract will start from the date of mobilisation — that is, from the day the vessel is made ready and deployed for the job. The contract will run for 36 months, which is 3 years.
There is also an option to extend the contract by another 12 months — that is, one more year. If Oil India Limited decides to extend, the same price and terms will apply. The decision to extend is at Oil India's discretion, meaning it is Oil India's choice to exercise this option or not.
Who Is Oil India Limited?
Oil India Limited is a domestic entity, meaning it is based in India. The filing states that the promoters, promoter group or group companies of ABS Marine Services do not have any interest in Oil India Limited. The contract is also not a related party transaction.
Contract Details at a Glance
| Particulars | Details |
|---|---|
| Vessel Name | M.V. Ocean Diamond |
| Contract Awarded By | Oil India Limited |
| Nature of Contract | Charter Hire of Offshore Supply Vessel |
| Category of Vessel | DP-2 Platform Supply Vessel |
| Contract Value (approx) | ₹119.12 crore (inclusive of GST and extension) |
| Contract Start | On mobilisation |
| Contract Tenure | 36 months |
| Extension Option | 12 months at same price, at Oil India's discretion |
| Awarding Entity Type | Domestic |
| Related Party Transaction | No |
The intimation was signed by Mr. Ganesh Saikrisshna, Company Secretary and Compliance Officer of ABS Marine Services Limited, on November 12, 2026.