SEAMEC gains after securing contract for deployment of vessel

SEAMEC rose 6.07% to Rs 107.55 at 11:22 IST on BSE after the company announced an arrangement with its promoter company HAL Offshore for charter hire of its vessel SEAMEC-II for three years.

Meanwhile, the BSE Sensex was up 193.17 points, or 0.71%, to 27,338.08

On BSE, so far 1.16 lakh shares were traded in the counter, compared with an average daily volume of 7,100 shares in the past one quarter. The stock hit a high of Rs 111.70 and a low of Rs 102 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 64.25 on 31 March 2016. The stock had outperformed the market over the past 30 days till 1 July 2016, rising 12.54% compared with 1.12% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 45.27% as against Sensex's 7.42% rise.

The small-cap company has an equity capital of Rs 25.43 crore. Face value per share is Rs 10.

SEAMEC's promoter HAL Offshore (HAL) has been awarded a letter of intent (LoI) by ONGC for charter hire of a multi support vessel for three years. It has been agreed between SEAMEC and HAL for chartering SEAMEC's vessel SEAMEC-II to HAL along with the marine crew. The total contract value for three years is about $27.69 million. The vessel will be deployed after the completion of some regulatory formalities.

SEAMEC's net profit fell 41.15% to Rs 16.39 crore on 8.19% rise in net sales to Rs 127.65 crore in Q4 March 2016 over Q4 March 2015.

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

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