Seamec Limited has announced the commencement of the second season of operations for its vessel SEAMEC PRINCESS on two significant offshore projects. The company informed the stock exchanges about this development through an official communication.

Project Details

According to the company's statement, SEAMEC PRINCESS has begun its work on two key projects:

1. Pipeline Replacement Project VIII (PRP-VIII Gr. B)
2. Daman Upside Development Project (DUDP)

The vessel commenced operations for these projects on September 13 at 1600 hours (4:00 PM IST).

Background

This deployment marks the continuation of SEAMEC PRINCESS's involvement in these projects. The company had previously notified the stock exchanges about the vessel's initial deployment for these projects on June 18, indicating a phased approach to the project execution.

Company Communication

S.N. Mohanty, President – Corporate Affairs, Legal and Company Secretary of Seamec Limited, signed the official communication to the stock exchanges. The company emphasized the importance of this information for stakeholders and requested the stock exchanges to update their records accordingly.

Impact on Operations

While the financial implications of this deployment were not disclosed in the announcement, the continuation of these projects suggests ongoing business activities for Seamec Limited in the offshore services sector. The Pipeline Replacement Project and the Daman Upside Development Project are likely to contribute to the company's operational performance in the coming months.

Investors and stakeholders may want to monitor future communications from Seamec Limited for updates on the progress of these projects and their potential impact on the company's financial performance.

Seamec Limited continues to demonstrate its commitment to transparency by promptly informing the stock exchanges about significant operational developments, in line with regulatory requirements for listed companies in India.

Seamec Limited, a prominent player in the offshore services sector, has announced significant decisions that could potentially boost its operational capacity and financial flexibility.

Vessel Charter Approval

The Board of Directors of Seamec Limited has given the green light for chartering the vessel 'MV Goodman' from its parent company, HAL Offshore Limited. This strategic move is aimed at undertaking a specific project for Oil and Natural Gas Corporation (ONGC) in the Mumbai High Offshore area. The chartered vessel will be utilized for the repair and replacement of the Spider Deck of a member of the NLM 9 Platform.

Increase in Related Party Transaction Limit

In a move that signals potential for expanded business operations, Seamec's Board has also approved a substantial increase in the annual monetary limit for related party transactions with HAL Offshore Limited. The proposed increase would raise the limit from USD 30.00 million to USD 50.00 million, representing a significant 66.67% jump.

Shareholder Approval Process

The company emphasized that this increase in the related party transaction limit is subject to shareholder approval. To facilitate this, Seamec will initiate a postal ballot process, allowing shareholders to vote on this material modification to the existing related party transaction framework.

Additional Operational Update

In a separate announcement, Seamec also reported that its vessel "SEAMEC SWORDFISH" has resumed its charter with Safeen Al Behar Limited at 17:35 hours. This follows a brief period of downtime for defect rectification, demonstrating the company's commitment to maintaining its fleet's operational readiness.

Implications

These developments suggest that Seamec Limited is positioning itself for potential growth and increased business activities. The vessel charter approval indicates ongoing demand for the company's services in offshore operations, while the proposed increase in related party transaction limits could provide greater operational flexibility with its parent company.

As Seamec moves forward with these plans, stakeholders will be keenly watching how these decisions translate into the company's operational and financial performance.