SEAMEC Limited has announced that CRISIL Ratings has assigned a short-term credit rating of "CRISIL A1/Watch Developing" for the company's bank facilities. This rating assignment was communicated to stock exchanges on April 01, 2026, in compliance with SEBI listing regulations.

Credit Rating Details

The rating agency has assigned the short-term rating in addition to the existing long-term rating for the company's debt facilities. Both ratings continue under 'Rating Watch with Developing Implications', indicating ongoing evaluation by the rating agency.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 read with Clause 3 of Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication also references the SEBI circular dated January 30, 2026, highlighting the company's adherence to regulatory requirements for credit rating disclosures.

Watch Developing Status

Both the long-term and short-term ratings carry the "Watch Developing" designation, which indicates that CRISIL continues to monitor the company's credit profile with developing implications. This status suggests that the rating agency is evaluating factors that could potentially impact the ratings in either direction.

Corporate Communication

The rating information has been made available on the company's official website at www.seamec.in , ensuring transparency and accessibility for stakeholders. The disclosure was signed by S.N. Mohanty, President – Corporate Affairs, Legal and Company Secretary, demonstrating proper corporate governance protocols in the communication process. The company maintains its status as a member of the MMG (METI AGROVIL GROUP) and holds multiple ISO certifications including ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018.

SEAMEC Limited has secured a vessel charter agreement through Addendum 02 to its existing subcontract with Posh India Offshore Private Limited. The agreement, executed on April 01, 2026, establishes terms for the charter hire of the company's vessel SEAMEC PRINCESS for specialized offshore operations.

Charter Agreement Details

The vessel charter arrangement involves deployment for installation of concrete mattresses in two major Oil and Natural Gas Corporation Limited (ONGC) projects. The charter hire rate has been set at USD 37,000 per day, exclusive of GST, representing a significant daily revenue stream for the company.

Project Scope and Operations

The vessel will be utilized for concrete mattress installation operations across two critical ONGC infrastructure projects. These include the Pipeline Replacement Project VIII (PRP-VIII Gr. B) and the Daman Upside Development Project (DUDP), both representing significant offshore development initiatives.

The agreement falls under the company's ordinary course of business operations, with no related party transaction implications. SEAMEC has confirmed that Posh India Offshore Private Limited maintains no relationship with the company's promoter or promoter group entities.

Regulatory Compliance

The disclosure was made pursuant to Clause 5 of Para B of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided comprehensive details in prescribed annexures, ensuring full regulatory compliance.

Corporate Structure

SEAMEC Limited operates as a member of the MMG Maharishi Group, maintaining its registered office in Mumbai. The company holds multiple ISO certifications including ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018, demonstrating its commitment to quality, environmental, and safety management systems.

The agreement represents a continuation of SEAMEC's involvement in offshore marine contracting services, particularly in support of India's oil and gas infrastructure development initiatives. The company's vessel SEAMEC PRINCESS will play a crucial role in these strategic ONGC projects.