The Board of Directors of Asian Energy Services Ltd (AESL), in their recently concluded Board Meeting reviewed the performance of the Company against the background of its efforts in last 3-4 years to diversify from cyclical business which also frequently involves force majeure situations, to stable business with long term contracts.

The board noted with satisfaction that the diversification-efforts of the management of the company shall yield still better results in coming years with the company vigorously focusing on businesses providing predictability and visibility of revenue with long term contracts.

The board further noted that AESL plans to continue focusing on huge opportunities available in (i) Coal/Material Handling Plant; and (ii) Oil & Gas production segments including O&M Contracts, thus further reducing its dependence on cyclical business which will progressively comprise a small percentage of the total revenue stream of AESL. The efforts of the management of AESL in the right direction of diversification were appreciated by the Board.

The board also endorsed the plans of AESL to explore and evaluate opportunities in Mining Services business (beyond Material Handling Plants) like long term contracts for Mine Development and Operation (MDO) . Besides, the Board also endorsed the plans of AESL to broad based the activities of AESL for offering services for long term Production Enhancement and O&M contracts in Oil & Gas value chain.