Seamec spurts on bagging contracts

Seamec hit an upper circuit of 5% at Rs 315 on NSE after the company announced receiving charter hire contracts from HAL Offshore (HAL) and L&T Hydrocarbon Engineering.

The company said that HAL Offshore (HAL) has placed a notification of award (NoA) for charter hire of SEAMEC III for a period of 2 years. The vessel is likely to be deployed around end July or early August after completing the dry docking and modifications required to meet the contractual obligation. The aggregate value of contract is about $22,986,400.

Further, the company's subject vessel 'Seamec Princess' has been contracted with L&T Hydrocarbon Engineering for working at Mumbai High Offshore. The tenure of the contract is for a firm period of 20 days with option for extension. The contract has commenced from 11 May 2020. The aggregate value of contract is about Rs 8.07 crore. Both these announcements were made on Monday (11 May).

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 is engaged in offshore and shipping business.

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