Seamec Limited, a prominent player in the offshore services sector, has announced a significant business development. The company has entered into a Bimco Charter Party agreement with Larsen & Toubro Limited for the charter hire of their barge 'SEAMEC GLORIOUS'.

Contract Details

The contract, valued at Rs 28.86 crore exclusive of GST, covers a firm period of 150 days with an option for extension. The charter is set to commence between October 1-30, 2025, demonstrating Seamec's forward-looking business strategy.

Project Scope

The barge 'SEAMEC GLORIOUS' will be deployed for offshore accommodation and hook-up work in Mumbai High & West Coast Offshore. This deployment is in support of a project for Oil and Natural Gas Corporation Limited (ONGC), highlighting Seamec's involvement in key offshore operations in India's oil and gas sector.

Key Information

Business Impact

This agreement is part of Seamec's normal course of business and does not involve any related party transactions. The contract underscores Seamec's continued relevance in the offshore services industry and its ability to secure significant projects with major players in the sector.

Disclosure and Compliance

Seamec Limited has made the necessary disclosures to the stock exchanges as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided detailed information about the contract in compliance with regulatory requirements, ensuring transparency for its stakeholders.

This development represents a positive step for Seamec Limited, potentially contributing to its revenue stream and reinforcing its position in the offshore services market.

Seamec Limited, a prominent player in the offshore services sector, has entered into a significant vessel charter agreement with HAL Offshore Limited. The deal, valued at Rs 6.30 crore, marks an important development in the company's operations and its relationship with its majority shareholder.

Key Details of the Agreement

Strategic Implications

The agreement between Seamec Limited and HAL Offshore Limited is noteworthy for several reasons:

1. Related Party Transaction: HAL Offshore Limited holds a 70.77% stake in Seamec Limited, making it the company's promoter. Despite this relationship, the transaction is conducted at arm's length, ensuring fairness and transparency.

2. Operational Expansion: The charter of MV GOODMAN for ONGC's Mumbai High Offshore Oil Field project indicates Seamec's continued involvement in significant offshore operations.

3. Financial Impact: The Rs 6.30 crore contract for the initial 45-day period represents a substantial revenue stream for Seamec Limited, with the potential for extension further enhancing its financial prospects.

4. Market Position: This agreement reinforces Seamec's position in the offshore services market, particularly in supporting oil and gas operations in the Mumbai High region.

Regulatory Compliance

In line with regulatory requirements, Seamec Limited has promptly disclosed this material development to the stock exchanges. The company has provided detailed information as mandated under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This charter agreement underscores Seamec Limited's ongoing efforts to secure valuable contracts in the offshore services sector. As the company continues to leverage its relationship with its parent company while maintaining arm's length transactions, it positions itself for potential growth and stability in the challenging offshore services market.