Seamec advances on vessel deployment contract

Seamec rose 3.22% to Rs 141.20 at 12:24 IST on BSE after the company entered into a contract for charter hire of vessel Seamec III with L&T Hydrocarbon Engineering for undertaking a job in Mumbai high.

The announcement was made after market hours, yesterday, 20 June 2017.

Meanwhile, the S&P BSE Sensex was down 51.30 points, or 0.16% at 31,246.23. The S&P BSE Small-Cap index was up 65.49 points, or 0.42% at 15,745.21.

On the BSE, 10,000 shares were traded on the counter so far as against the average daily volumes of 30,159 shares in the past one quarter. The stock had hit a high of Rs 144 and a low of Rs 136.10 so far during the day. The stock had hit a 52-week high of Rs 144.35 on 15 June 2017 and a 52-week low of Rs 77.10 on 29 September 2016.

The stock had outperformed the market over the past one month till 20 June 2017, advancing 21.93% compared with the Sensex's 2.73% rise. The scrip had also outperformed the market over the past one quarter advancing 46% as against the Sensex's 6.03% rise. The scrip had also outperformed the market over the past one year advancing 39.66% as against the Sensex's 16.49% rise.

The small-cap company has equity capital of Rs 25.42 crore. Face value per share is Rs 10.

Seamec announced that upon completion of the contract with Kreuz Subsea technologies, the company has now entered into a contract for charter hire of Vessel Seamec III with L&T Hydrocarbon Engineering for undertaking a job in Mumbai High.

The tenure of the contract is for a period of 7 days with option for extension. The contract will commence from around 22 June 2017. The value of charter during the contract period is Rs 1.01 crore.

Seamec's net profit fell 51.7% to Rs 8.75 crore on 45.8% decrease in net sales to Rs 69.16 crore in Q4 March 2017 over Q4 March 2016.

Seamec is a leading provider of Diving Support Vessel (DSV) based diving services. The company has experience in the ongoing subsea inspection, repair, maintenance and light construction required for the efficient and productive support of offshore oil production.

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