SEAMEC Ltd shares gained more than 3% after the company announced a multi-year charter hire agreement with its promoter entity, HAL Offshore Limited. As of 9:32 AM, the shares were trading 1.73% higher at Rs 988.60.
As per the filing, SEAMEC has entered into a contract to deploy its Multi Support Vessel SEAMEC Agastya (formerly NPP Nusantara) for HAL Offshore’s ongoing project with ONGC. The deployment will commence once the vessel completes its statutory dry-dock requirements.
SEAMEC disclosed a charter hire rate of USD 25,000 per day for the remaining four years of the five-year arrangement. The total value of the contract stands at USD 43.07 million, inclusive of GST.
Because HAL Offshore holds 70.77% stake in SEAMEC, the agreement qualifies as a Related Party Transaction. The company clarified that the contract has been executed on an arm’s-length basis and in the ordinary course of business, in line with regulatory requirements.
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