Seamec Limited, a leading offshore and marine services provider, has announced a series of Board-approved decisions aimed at enhancing operational flexibility and supporting upcoming projects for Oil and Natural Gas Corporation (ONGC).
Vessel Charter for ONGC Project
The Board has approved the chartering of ‘MV Goodman’, a vessel owned by parent company HAL Offshore Limited, for use in ONGC’s Mumbai High Offshore area. The vessel will be deployed for the repair and replacement of the spider deck member of Platform NLM9, ensuring continuity of offshore operations for India’s largest energy producer.
Increase in Related Party Transaction Limit
In a move that could expand collaboration with its parent, Seamec’s Board has also proposed raising the annual related party transaction (RPT) limit with HAL Offshore from USD 30 million to USD 50 million—a 66.7% increase. The proposal will be placed before shareholders for approval via postal ballot, as required under regulatory norms.
Vessel “SEAMEC SWORDFISH” Back in Operation
Separately, Seamec confirmed that its vessel ‘SEAMEC SWORDFISH’ has resumed charter with Safeen Al Behar Limited after a brief downtime for defect rectification. The vessel rejoined operations at 17:35 hours, highlighting the company’s commitment to maintaining fleet readiness and minimizing disruptions.
Strategic Implications
- Operational Readiness: The charter of MV Goodman ensures Seamec can seamlessly support ONGC’s offshore requirements.
- Financial Flexibility: Raising the RPT limit signals the potential for deeper business integration with HAL Offshore, supporting higher-value projects.
- Fleet Utilization: The return of SEAMEC SWORDFISH to service strengthens the company’s revenue-generating capacity.
Outlook
These developments collectively position Seamec for sustained growth in offshore projects, while reinforcing its strategic alignment with ONGC and HAL Offshore. Investors will closely track the shareholder approval process for the RPT limit hike, as it could pave the way for expanded business opportunities and improved earnings visibility.
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