Seamec Limited, a prominent player in the offshore oilfield services sector, has announced a significant change in its top leadership. The company's Board of Directors has removed Mr. Rakesh Ayri from his position as Chief Executive Officer (CEO), effective August 19, 2025.

Board Decision and Rationale

The decision to remove Mr. Ayri was made during a board meeting held on August 18, 2025. The meeting, which lasted for 16 minutes from 18:00 to 18:16 hours, was convened to discuss the recommendation put forth by the Nomination and Remuneration Committee.

According to the company's official statement, the primary reason cited for Mr. Ayri's removal was "non-performance, as evaluated." This decisive action underscores the board's commitment to maintaining high standards of leadership and performance within the organization.

Regulatory Compliance

In compliance with regulatory requirements, Seamec Limited has promptly informed the stock exchanges about this significant development. The company has adhered to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Details of Cessation

The official communication from Seamec Limited provides the following details regarding the cessation of Mr. Ayri's services:

Company Response

Mr. S.N. Mohanty, President – Corporate Affairs, Legal and Company Secretary of Seamec Limited, signed the official communication to the stock exchanges. The company has requested that this information be taken on record, demonstrating its commitment to transparency and regulatory compliance.

This development marks a significant change in Seamec Limited's leadership structure. As the company moves forward, stakeholders will be keenly watching for any announcements regarding the appointment of a new CEO and the potential impact on the company's strategic direction and performance.

Seamec Limited, a prominent player in the offshore oilfield services sector, has announced a significant new contract that bolsters its operational portfolio. The company has entered into a charter party agreement with A.D. Engineers & Contractors LLP, showcasing its continued strength in the marine and oil field services industry.

Contract Details

The agreement, valued at approximately 61.13 crore rupees (611.3 million rupees), involves the charter hire of Seamec's vessel 'SEAMEC III'. This vessel will be deployed for operations in ONGC oilfields located on the West Coast of India, primarily focusing on Saturation (SAT) Diving and Air Diving related jobs.

Key Terms of the Agreement

Operational Significance

This charter agreement represents a strategic move for Seamec, reinforcing its position in the offshore services market. The contract not only provides a steady revenue stream but also demonstrates the continued demand for Seamec's specialized vessels and services in the oil and gas sector.

Financial Implications

While the exact impact on Seamec's financials will be clearer in future quarterly reports, this contract is expected to contribute positively to the company's revenue for the fiscal year 2025-26. The substantial contract value underscores the company's ability to secure high-value projects in its core operational areas.

Market Response and Future Outlook

As Seamec continues to strengthen its order book with such significant contracts, it may enhance investor confidence in the company's growth trajectory. The management's focus on securing long-term, high-value contracts could be seen as a positive indicator for the company's future performance in the competitive offshore services market.

Seamec Limited has scheduled its Q1 FY 2025-26 earnings call for August 14, 2025, where more details about this contract and its impact on the company's financial outlook may be discussed.

This latest agreement reaffirms Seamec's strong market position and its capability to provide specialized offshore services to major players in the oil and gas industry. As the company moves forward, such contracts are likely to play a crucial role in shaping its financial performance and market standing in the coming quarters.