Seamec bags charter hire contract from ONGC

Seamec on Friday, 10 April 2020, said it secured a contract from ONGC to deploy vessel, SEAMEC II, for five years.

Oil & Natural Gas Corporation (ONGC) has awarded charter hire of the company's vessel, SEAMEC II, for a long term contract period of five years. As per the Notification of Award (NOA), the vessel is to be deployed within 150 days from the date of NoA. The aggregate value of the contract is $127,717,725. The announcement was made on Friday, 10 April 2020.

Seamec's consolidated net profit rose 9.21% to Rs 39.71 crore on a 3.51% increase in net sales to Rs 105.96 crore in Q3 December 2019 over Q3 December 2018.

Seamec provides diving support vessel (DSV)-based diving services. The shipping company is engaged in offshore and shipping business. It provides offshore oilfields support services through its multi support diving vessels. Its support services include marine, construction and diving services to offshore oilfields in India and abroad.

Shares of Seamec jumped 5% to Rs 305 on Thursday, 9 April 2020. The market was shut on Friday, 10 April 2020, for a public holiday.

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