SEAMEC Share Price

SEAMEC Limited (Formerly known South East Asia Marine Engineering Construction Limited), promoted by Peerless General Finance Investment Company, the flagship of the Peerless Group is an established, reputed name in the offshore shipping industry, providing offshore oilfield services and Diving Support Vessels (DSV) in India and abroad. The Company provide DSVs and Turnkey subsea solutions requiring provision of Divers and ROVs etc., as well as third party vessel management services for DSVs. The Company owns and operates four Multi Support Vessels for providing support services including marine, construction and diving services to offshore oilfields and bulk carrier vessel for providing bulk carrier services. SEAMECs offshore fleets include SEAMEC II, SEAMEC III, SEAMEC PRINCESS and SUBTECH PALADIN which are multisupport, multifunctional DSVs.The company has the experience of operating 3 multipurpose support vessels (MSVs) (including two from ONGC) for more than 5 years in the areas of subsea engineering and deepsea diving services. It came out with a public issue in 1995 to partfinance the acquistion of two MSVs, to meet longterm working capital requirements and to meet the expenses of the public issue.South East Asia is the first company in the private sector to operate the ONGCowned MSV, Samudra Prabha. The company was also awarded a contract to operate another ONGCowned MSV, Samudra Sevak, for two years.The company, at present, has a subcontracting arrangement with Stena Offshore. Apart from this, the company has entered into a MoU with Rompetrol, Romania, for technical knowhow and equipment backup for oilfield services. It plans to venture in subsea operations on a grand scale, like seabed pipe laying and other underwater work such as laying cables for telecommunication projects.Coflexip Tena Offshore (CSO), has increased its holding in the Company to 58.24% during October 1999. The Company has entered into an arrangement with Coflexip Stena Offshore Ltd., Aberdeen UK for technical and engineering support services.ONGC has floated a tender for the operations and management of its three owned MSVs Samudra Sevak, Samudra Prabha and Samudra Suraksha and bids have been submitted by the Company to ONGC for all three vessels.Pursuant to order dated 9th September, 2002 of Securities and Exchange Board of India (SEBI) read with order dated 25th October, 2002 of Securities Appellate Tribunal (SAT), TechnipCoflexip S.A. France along with Coflexip Stena Offshore (Mauritius) Ltd. (CSOML), the Companys holding company and Person acting in concert acquired 6,780,000 shares comprising 20% in the Share Capital of Company. Consequently CSOMLs shareholding in the Company increased from 58.24% to 78.24%.On 12 June 2006, the Company took delivery of a British flag cable laying vessel named as Oceanic Princess from James (Fisher) Logistics Limited of UK costing USD 18.25 million. The vessel was renamed as SEAMEC PRINCESS. In 2006, the Company installed Saturation Diving System Onboard in Aug 06 costing USD 1.65 million (Rs. 74 million). The vessel SEAMEC PRINCESS was made ready and put to hire effective from 1st March 2009. The Company set up a wholly owned subsidiary by name and style SEAMEC INTERNATIONAL FZE in Dubai Airport Free Zone ( DAFZA), Dubai, UAE on 14th March 2010 for carrying out operations. The Vessel owned by SEAMEC INTERNATIONAL FZE, was taken under Bareboat Charter, deployed in West Africa for a project with Technip effective from Jan 2012.With the acquisition of 51% shares by HAL Offshore Limited in first Tranche of disinvestment by Coflexip Stena Offshore (Mauritius) Limited (CSOML), the Company became a subsidiary of HAL Offshore Limited during year 201314. The Company acquired a utility vessel by name REVELATION under BELIZE Flag, which was taken over on 19th March, 2015 at Singapore costing USD 2.6 Million. The Company in 2017, diversified into the main fleet shipping business, acquiring a vessel portfolio of four bulk carriers through their subsidiaries that facilitate marine transportation of various drybulk materials, including food staples, commodities, industrial products, and scrap. The newly Bulk Carrier SEAMEC GALLANT was acquired in 2018.During 202021, the subsidiary, Seamate Shipping FZC purchased a bulk carrier named ASIAN PEARL for an aggregate amount of US 5,050,000. The Company incorporated a subsidiary Seamec Nirman Infra Limited in joint venture with NirmanVridhi Infra LLP in the ratio of 65:35. It acquired a Multi Support Vessel named Seamec Paladin and an accommodation Barge named as Seamec Glorious in year 202122.The Board of Directors of Company in its meeting held on March 28, 2022, approved Scheme of Arrangement for Demerger of Marine, EPC and Other Ancillary Business of HAL Offshore Ltd (Demerged Company) into Seamec Limited (the Resulting Company), effective from April 01, 2023. The Company acquired a new Multi Support Vessel SUBTECH SWORDFISH , increasing its fleet size to 5 nos. of MSVs and 1 no. of Barge during year 202223. The newly Bulk Carrier SEAMEC GALLANT was transferred to Companys wholly owned subsidiary, SEAMEC International FZE, on April 18, 2023.