Seamec Limited, a prominent player in the offshore services sector, has announced significant decisions that could potentially boost its operational capacity and financial flexibility.

Vessel Charter Approval

The Board of Directors of Seamec Limited has given the green light for chartering the vessel 'MV Goodman' from its parent company, HAL Offshore Limited. This strategic move is aimed at undertaking a specific project for Oil and Natural Gas Corporation (ONGC) in the Mumbai High Offshore area. The chartered vessel will be utilized for the repair and replacement of the Spider Deck of a member of the NLM 9 Platform.

Increase in Related Party Transaction Limit

In a move that signals potential for expanded business operations, Seamec's Board has also approved a substantial increase in the annual monetary limit for related party transactions with HAL Offshore Limited. The proposed increase would raise the limit from USD 30.00 million to USD 50.00 million, representing a significant 66.67% jump.

Shareholder Approval Process

The company emphasized that this increase in the related party transaction limit is subject to shareholder approval. To facilitate this, Seamec will initiate a postal ballot process, allowing shareholders to vote on this material modification to the existing related party transaction framework.

Additional Operational Update

In a separate announcement, Seamec also reported that its vessel "SEAMEC SWORDFISH" has resumed its charter with Safeen Al Behar Limited at 17:35 hours. This follows a brief period of downtime for defect rectification, demonstrating the company's commitment to maintaining its fleet's operational readiness.

Implications

These developments suggest that Seamec Limited is positioning itself for potential growth and increased business activities. The vessel charter approval indicates ongoing demand for the company's services in offshore operations, while the proposed increase in related party transaction limits could provide greater operational flexibility with its parent company.

As Seamec moves forward with these plans, stakeholders will be keenly watching how these decisions translate into the company's operational and financial performance.

Seamec Limited has announced the resumption of charter operations for its vessel SEAMEC SWORDFISH, following the rectification of a previously reported defect. The vessel has recommenced its charter with Safeen Al Behar Limited, effective September 11, 2025, at 17:35 hours.

Background

The company had earlier informed the stock exchanges about SEAMEC SWORDFISH going off-hire due to a defect in a letter dated August 28, 2025. This temporary suspension of operations had raised concerns among stakeholders about potential impacts on the company's revenue and operational efficiency.

Resumption Details

According to the official disclosure made by Seamec Limited under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:

• The vessel SEAMEC SWORDFISH has successfully addressed the reported defect.
• Charter operations with Safeen Al Behar Limited have resumed.
• The effective date and time of resumption are September 11, 2025, at 17:35 hours.

Company Statement

S.N. Mohanty, President – Corporate Affairs, Legal and Company Secretary of Seamec Limited, confirmed the development in a communication to the stock exchanges. The company emphasized its commitment to transparency by promptly informing shareholders and the market about this operational update.

Implications

The swift resolution of the technical issue and the subsequent resumption of charter operations are likely to be viewed positively by investors and industry observers. This development suggests Seamec Limited's ability to efficiently manage and resolve operational challenges, minimizing potential financial impacts from vessel downtime.

As Seamec Limited continues to navigate the dynamic marine and offshore services sector, the company's operational efficiency and fleet management capabilities remain crucial factors for its performance and market position.