SEAMEC jumps as vessel to secure work

SEAMEC surged 6.18% to Rs 106.60 at 14:44 IST on BSE after the company said that Vessel SEAMEC PRINCESS will complete her Charter with Kreuz Subsea Pte in South East Asia around 2nd week of April, 2014.

The announcement was made on Saturday, 5 April 2014.

Meanwhile, the S&P BSE Sensex was down 69.05 points or 0.31% at 22,290.45.

On BSE, so far 84,000 shares were traded in the counter as against average daily volume of 51,170 shares in the past one quarter.

The stock hit a high of Rs 109 and a low of Rs 102 so far during the day. The stock had hit a 52-week high of Rs 110.55 on 31 March 2014. The stock had hit a 52-week low of Rs 38.10 on 8 August 2013.

The stock had outperformed the market over the past one month till 4 April 2014, surging 29.88% compared with the Sensex's 5.42% rise. The scrip had also outperformed the market in past one quarter, jumping 69.88% as against Sensex's 7.23% rise.

The small-cap offshore oilfield support service provider has equity capital of Rs 33.90 crore. Face value per share is Rs 10.

SEAMEC said it has entered into a Charter Party with Technip France, Abu Dhabi for her deployment in Dubai Offshore for a Firm period of 120 days with option for extension. The Charter Hire is likely to commence around end April, 2014. The contract value during the firm period would be around $6.8 million, the company said.

SEAMEC's net profit spurted 540% to Rs 30.27 crore on 45.8% growth in net sales to Rs 126.39 crore in Q3 December 2013 over Q3 December 2012.

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

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