Seamec Limited has provided an update on its arbitration dispute with Jumbo Offshore Enterprises, announcing the closure of arbitration proceedings and the signing of additional consent terms. The latest development, disclosed on December 19, 2025, marks the conclusion of the arbitration phase while legal proceedings continue in the Gujarat High Court.

Latest Developments

The company has signed additional consent terms with Maria Offshore International LLP, the sister concern of Jumbo Offshore Enterprises, for technical reasons related to pursuing the matter before the Gujarat High Court. The arbitration proceedings, which were previously kept under abeyance, have now been formally closed.

Background of the Dispute

The original agreement between Seamec and Jumbo Offshore Limited was signed on November 6, 2025, which put their arbitration proceedings on hold. Under the initial settlement terms, Seamec had agreed to contest the arrest of Jumbo's vessel, 'Tug Maria', in the Gujarat High Court on behalf of Jumbo Offshore through a Power of Attorney arrangement.

Current Legal Status

While the arbitration proceedings have concluded, there is no material change regarding the pursuit of legal proceedings in the Gujarat High Court. The company continues to defend the vessel arrest case as previously agreed, with the additional involvement of Maria Offshore International LLP in the consent terms.

Financial Impact

Consistent with the company's earlier disclosure, there remains no material impact of this settlement on Seamec's financial position. The resolution allows both parties to avoid prolonged arbitration costs while focusing on the remaining legal proceedings in the Gujarat High Court.

Regulatory Compliance

Seamec has maintained its commitment to transparency by promptly disclosing this development to BSE Limited and National Stock Exchange of India Limited under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements, ensuring investors remain informed of significant corporate developments.

Seamec Limited has announced the award of a significant contract to M/s. Adsun Offshore Diving Contractors Pvt Ltd, marking another milestone in its offshore services portfolio. The Letter of Award, dated December 18, 2025, encompasses comprehensive diving-related services for Oil and Natural Gas Corporation Limited (ONGC) projects.

Contract Details and Scope

The contract award represents a substantial business development for Seamec Limited's vessel operations. The following table outlines the key parameters of the awarded contract:

Project Scope and Services

The awarded contract encompasses diving services across multiple ONGC projects, demonstrating the comprehensive nature of the engagement. The services include specialized underwater operations such as:

• Jacket Face Riser Survey
• Riser Removal operations
• Installation of Crossings
• Free Span installations
• Bowstring and clamps installation

These services will be provided across three distinct ONGC projects: Part Replacement Pipeline Project, Pipeline Replacement Project-Group A (PRP-VIIIA), and DSF II Project.

Regulatory Compliance and Disclosure

Seamec Limited has fulfilled its regulatory obligations by disclosing this contract award under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the promoter/promoter group/group companies have no interest in the entity that was awarded the contract, and the transaction does not fall within related party transactions.

Strategic Significance

This contract award reinforces Seamec Limited's position in the offshore diving and marine services sector. The engagement with ONGC, India's leading oil and gas exploration company, highlights the company's capability to handle complex underwater operations and pipeline-related projects. The contract's execution over the 2025-26 working season provides revenue visibility for the company's vessel operations division.