Seamec Limited, a prominent player in the offshore services sector, has announced the successful deployment of its vessel SEAMEC II for a contract with Oil and Natural Gas Corporation (ONGC). The deployment marks a continuation of Seamec's ongoing operations with the state-owned oil and gas giant.

Contract Commencement

According to the company's official communication to the stock exchanges, SEAMEC II commenced its ONGC contract operations on September 9, 2025, at 19:00 hours. This deployment follows the completion of necessary customs clearances and statutory formalities, ensuring full compliance with regulatory requirements.

Vessel Details

SEAMEC II, one of the key assets in Seamec Limited's fleet, has been hired to continue its operations under the ONGC contract. The vessel's deployment underscores the company's commitment to supporting India's offshore oil and gas exploration and production activities.

Previous Announcements

The recent deployment aligns with Seamec's earlier communication dated August 21, 2025, where the company had informed stakeholders about the impending deployment of SEAMEC II for the ONGC contract.

Management Statement

S.N. Mohanty, President – Corporate Affairs, Legal and Company Secretary of Seamec Limited, confirmed the vessel's deployment in the official filing. The company expressed its dedication to keeping shareholders informed about significant operational updates.

This latest development reflects Seamec Limited's ongoing engagement in the offshore services sector and its continued collaboration with ONGC, a major player in India's oil and gas industry. The successful deployment of SEAMEC II is expected to contribute to the company's operational performance in the coming periods.

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.