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.

Seamec Limited, a prominent player in the offshore services sector, has announced a significant expansion of its ongoing project with Oil and Natural Gas Corporation Limited (ONGC). The company has entered into an Addendum 01 with Posh India Offshore Private Limited, broadening the scope of their existing subcontract agreement.

Contract Details

The addendum, signed on September 16, 2025, builds upon the original subcontract agreement dated March 20, 2025. It encompasses additional installation activities for ONGC's Pipeline Replacement Project VIII (PRP-VIII Gr. B) and Daman Upside Development Project (DUDP). The expanded scope includes:

• Installation of riser clamps
• Bow string installation
• Other related installation works

Financial Impact

The contract value for these additional services is approximately USD 3.14 million, exclusive of Goods and Services Tax (GST). This value is based on unit rates for the maximum indicated quantity of additional scope work.

Project Significance

This expansion underscores Seamec Limited's growing involvement in critical offshore infrastructure projects. The Pipeline Replacement Project VIII and Daman Upside Development Project are significant undertakings for ONGC, aimed at enhancing India's offshore oil and gas production capabilities.

Corporate Disclosure

In compliance with regulatory requirements, Seamec Limited has disclosed this development to the stock exchanges. The company confirmed that the transaction does not constitute a related party deal, and the parties involved are not associated with Seamec's promoter group.

Market Implications

This addendum represents a positive development for Seamec Limited, potentially boosting its revenue and reinforcing its position in the offshore services market. The expanded project scope demonstrates the company's capability to secure additional work within existing contracts, which could be viewed favorably by investors and industry observers.

As the offshore energy sector continues to evolve, contracts like these highlight the ongoing investments in infrastructure maintenance and development in India's oil and gas industry. Seamec's involvement in these projects positions it as a key player in supporting the country's energy infrastructure goals.

Investors and stakeholders will likely monitor the execution of this expanded contract closely, as it could impact Seamec Limited's financial performance in the coming quarters.