Seamec advances after winning two contracts

Seamec rose 2% to Rs 102.60 at 10:50 IST on BSE after the company entered into a contract with Synergy Subsea Engineering LLC for undertaking job in Persian Gulf.

Meanwhile, the BSE Sensex was up 92.10 points, or 0.37%, to 24,943.88

On BSE, so far 4,491 shares were traded in the counter, compared with an average volume of 9,900 shares in the past one quarter. The stock hit a high of Rs 106.40 and a low of Rs 102.10 so far during the day. The stock hit a 52-week high of Rs 127 on 3 November 2015. The stock hit a 52-week low of Rs 84.15 on 29 April 2015. The stock had underperformed the market over the past one month till 7 January 2016, falling 7.71% compared with 2.66% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 16.24% as against Sensex's 8.08% fall.

The small-cap company has an equity capital of Rs 33.90 crore. Face value per share is Rs 10.

Seamec after market hours yesterday, 7 January 2016 announced that the company has entered into a contract for the charter hire of vessel SEAMEC PRINCESS with Synergy Subsea Engineering LLC for undertaking job in Persian Gulf. The tenure of the contract would be around 30 days subject to extension. The contract will commence around 10 January 2016, Seamec said.

Separately, Seamec after market hours yesterday, 7 January 2016 announced that its vessel Seamec III had been mobilised in Mumbai High North for redevelopment of phase III pipeline projects of ONGC. The tenure of the contract will continue till mid-February 2016, Seamec said. The value of the charter would be around $3 million, the company said.

Seamec reported net loss of Rs 28.82 crore in Q2 September 2015, higher than net loss of Rs 10.82 crore in Q2 September 2014. Net sales fell 54.3% to Rs 21.68 crore in Q2 September 2015 over Q2 September 2014.

Seamec provides support services including marine, construction and diving services to offshore oilfields in India and abroad.

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