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Seamec shines on entering into contract worth $27.69 million with HAL

05 Jul 2016

Seamec is currently trading at Rs. 110.75, up by 2.65 points or 2.45% from its previous closing of Rs. 108.10 on the BSE.

The scrip opened at Rs. 108.20 and has touched a high and low of Rs. 114.35 and Rs. 106.90 respectively. So far 100962 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 127.00 on 03-Nov-2015 and a 52 week low of Rs. 64.25 on 31-Mar-2016.

Last one week high and low of the scrip stood at Rs. 111.70 and Rs. 96.30 respectively. The current market cap of the company is Rs. 280.06 crore.

The promoters holding in the company stood at 72.87%, while Institutions and Non-Institutions held 0.76% and 26.37% respectively.

Seamec has bagged an award for chartering the vessel ‘SEAMEC-II’ to HAL along with marine crew only. The contract is worth approximately $27.69 million for the period of 3 years. The above charter hire arrangement is subject to compliance of regulatory requirements by the company which are being undertaken by the company. The vessel will be deployed upon completion of such regulatory formalities.

Earlier, HAL Offshore (HAL), the promoter of the company has been awarded a Letter of Intent (LOI) by Oil and Natural Gas Corporation (ONGC) for charter hire of multi support vessel for the scope of work as specified in the tender for a period of 3 years. Consequently, it has been agreed by and between HAL and the company for chartering the vessel ‘SEAMEC-II’.

Seamec is engaged in the business of operating multi-support vessels for diving and for providing underwater/sub-sea engineering services, deep sea diving, and inspection of underwater structures, repairs and maintenance of offshore platform fire-fighting services and rescue operations.

Related Seamec Ltd. Links:

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SEBI Registered: Investment Adviser - INA000013323

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