Shares of SEAMEC Limited were trading flat on 22 October despite singing a contract worth approximately Rs 519.4 crore with HAL Offshore Limited to charter its vessel, SEAMEC ANANT, for offshore operations linked to Oil and Natural Gas Corporation (ONGC). 

The agreement, signed on 21 October will run for approximately 1,225 days, providing the company with long-term revenue visibility from offshore oilfield services.

Under the agreement, SEAMEC ANANT will be deployed for inspection, maintenance and repair (IMR) work for ONGC. These activities help maintain offshore oil and gas infrastructure and support the safe operation of subsea facilities.

The contract is valued at approximately $55 million, excluding GST. The long-term deployment gives SEAMEC a clearer revenue pipeline over the next three years, subject to the terms of HAL Offshore’s underlying agreement with ONGC.

HAL Offshore is SEAMEC’s promoter and holds approximately 70.77% of the company. As a result, the agreement qualifies as a related-party transaction. SEAMEC has stated that the deal is being conducted at arm’s length and in the ordinary course of business.

The contract follows SEAMEC’s takeover of the vessel on 14 October. The arrangement allows the company to deploy the acquired vessel under a commercial charter linked to existing offshore operations.

The agreement strengthens SEAMEC’s contracted business and improves revenue visibility over the coming years. Long-term vessel charters can also help support fleet utilisation in the offshore oil and gas services business.

At 11:47 am, the shares of SEAMEC were trading 0.21% lower at Rs 1,569.80 on NSE. 

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