Asian Energy Services Limited has received LOA from Svetah Energy Infrastructure FZE, UAE (Consortium Partner as per the Consortium Agreement) for the Operations & Maintenance works (O&M) of the floating production storage and offloading system ("FPSO") named Svetah Venetia ("Svetah Venetia"), to be deployed for production of Oil and Gas in the offshore area of contract area CY-OS-90/1 (PY-3 Field), located near Puducherry, on the east coast of India. The Estimated value of LOA is around USD 20 Million. The primary term is proposed to be 5 years commencing from the date of readiness of Svetha Venetia to receive hydrocarbons from PY_3 Field.

The third of its kind, Asian has achieved a key milestone with this LOA to emerge as a dependable and cost efficient service partner for the O & M of production facilities for Oil & Gas Industry.