Seamec gains on winning contract from HAL Offshore

The stock rallied 10% to Rs 86 on BSE in intra-day trade after the company won a contract worth approx $33 million.

Seamec has rallied 10% to Rs 85.85 on the BSE in intra-day trade after the company said it won a contract worth approximately $33.44 million from HAL Offshore.

“The Company has entered into an agreement dated September 27, 2016 with HAL Offshore Ltd (HAL) for deployment of vessel SEAMEC II along with provision of services of ROV, the contract commenced w.e.f September 28, 2016,” Seamec said in a regulatory filing.

As intimated, the total contract value for the period of 3 years will be US $ 33.44 million approx., it added.

Seamec is engaged in the business, inter alia, of operation of multi-support vessels for underwater / sub-sea engineering services, deep-sea diving, inspection of underwater structures, rescue operations and fire fighting.

At 11:41 am, the stock was up 8% at Rs 84.20 on the BSE, as compared to 0.14% decline in the S&P BSE Sensex. A combined 59,215 shares changed hands on the counter on the BSE and NSE so far.