SEAMEC adds 12% in four days

SEAMEC rose 2.48% to Rs 467, extending gains for fourth day in a row.

The stock has added 11.66% in four sessions from its recent closing low of Rs 418.25 on 4 December 2020.

During market hours yesterday, SEAMEC announced that the ONGC had given notification of award (NOA) dated 7 December 2020 to a consortium of SEAMEC and Supreme Hydro Engg.

The award is for the inspection of three offshore platforms and painting from MSL to Spider Deck and remedial work on jackets of HPHT Asset Kakinada on lumpsum turnkey basis.

The project is to be completed during fair weather working season, either between 1 January 2021 and 30 April 2021 or between 1 January 2022 and 30 April 2022.

SEAMEC operates 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. The Company caters in both domestic as well as International Market.

The company's consolidated net profit declined by 42.2% to Rs 15.50 crore on a 26.7% fall in net sales to Rs 58.28 crore in Q2 FY21 over Q2 FY20.

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