Seamec Limited, a prominent player in the offshore services industry, has recently become embroiled in an arbitration proceeding with Jumbo Offshore Enterprises. The dispute centers around the vessel "Tug Maria" and involves complex issues related to fuel supply payments and vessel arrest.

Arbitration Details

According to a regulatory filing by Seamec, the arbitration was initiated by Jumbo Offshore Enterprises on September 1, 2025. The case is being heard by sole arbitrator Ms. S. Priya. The core of the dispute revolves around the non-payment to a fuel supplier, which led to the arrest of the vessel Tug Maria.

Nature of the Dispute

The controversy stems from a situation where a fuel supplier, alleging non-payment, instituted an arrest of the Tug Maria. Seamec, in response, states that they had already made payments to the fuel supplier with whom they had a contract. However, the vessel's owner was compelled to release the Tug Maria by furnishing a bank guarantee.

Now, the vessel owner is claiming reimbursement from Seamec for the bank guarantee, along with interest and associated costs. This claim forms the crux of the matter referred to arbitration.

Financial Implications

While the exact quantum of the claim has not been disclosed, Seamec has indicated that the financial implications are related to the bank guarantee, interest, and costs. The company maintains its position that it has fulfilled its payment obligations to the contracted fuel supplier.

Credit Rating Update

In a separate but noteworthy development, Seamec also announced a revision in its credit rating. CRISIL Ratings has assigned a "CRISIL A+/Watch Developing" credit rating for the company's bank facilities, a change from the previous 'CRISIL A+/Stable' rating.

The rating action affects total bank loan facilities rated at Rs. 383.00 crore. CRISIL's decision to place the rating on watch with developing implications reflects a nuanced view of Seamec's financial position.

Factors Influencing the Rating

The credit rating agency cited Seamec's strong financial risk profile as a positive factor. However, this strength is partially offset by the company's modest scale of operations, attributed to the age of its vessels. Additionally, CRISIL noted that Seamec faces exposure to client concentration risks.

Conclusion

As Seamec navigates through these legal and financial challenges, stakeholders will be keenly watching how the arbitration proceedings unfold and their potential impact on the company's operations and financial health. The outcome of this arbitration could have significant implications for Seamec's business relationships and financial obligations in the offshore services sector.

Seamec Limited, a prominent player in the offshore services industry, has reported a temporary setback in its operations. The company announced that its vessel, 'SEAMEC SWORDFISH', has been temporarily off-hired due to a breakdown that occurred on August 28, 2025, at 12:41 hours.

Vessel Status and Company Response

According to the company's disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Seamec Limited is actively working to rectify the defect that led to the vessel's off-hire status. The company has assured stakeholders that once the necessary repairs are completed, 'SEAMEC SWORDFISH' will be returned to charter service.

Impact on Operations

While the specific nature of the breakdown has not been disclosed, temporary off-hiring of vessels can potentially impact a company's operational capacity and revenue generation in the short term. However, Seamec Limited's prompt disclosure and commitment to swift repairs demonstrate the company's proactive approach to addressing such challenges.

Recent Corporate Developments

In a separate but noteworthy development, Seamec Limited also disclosed a change in its shareholding structure. On August 27, 2025, HAL Offshore Limited, a promoter of Seamec Limited, acquired 45,000 equity shares of the company through open market transactions. This acquisition has slightly increased the promoter group's stake in the company.

Shareholding Update

Following the acquisition:

This increase in promoter holding from 70.59% to 70.77% might be seen as a sign of confidence in the company's prospects, despite the temporary operational challenge with the 'SEAMEC SWORDFISH'.

Seamec Limited continues to navigate the dynamic offshore services sector, balancing operational challenges with strategic corporate moves. The company's transparent communication with its stakeholders regarding both operational issues and ownership changes underscores its commitment to maintaining investor trust in these evolving circumstances.