Seamec soars after consortium bags LoA from L&T Energy Hydrocarbon

Seamec jumped 5.43% to Rs 995.20 after the company announced that its consortium with Posh India Offshore has been awarded a letter of award (LoA) by Larsen & Toubro's (L&T) Energy Hydrocarbon Division.

The contract involves subsea installation work for the Daman Upside Development Project (DUDP) and Pipeline Replacement Project PRP-VIII, including the MUT scope, for ONGC.

The pipeline replacement and infrastructure development is expected to be completed by May 2026, with financial details and consortium sharing values currently being finalized.

Separately, Seamec informed that it has entered into a subcontract agreement with Posh India Offshore.

This agreement covers the installation of riser clamps, bow strings, and other related works for ONGC's Pipeline Replacement Project VIII (PRP-VIII Gr. B) and the Daman Upside Development Project (DUDP), with payment based on unit rates.

The maximum potential value of this subcontract, based on the indicated scope of work, is approximately $5.61 million, excluding GST.

In another filing, Seamec said that its charter party with Asian Energy Services has been extended, with an option for further extension.

The addendum revises the charter hire rate to $42,000 per day, plus GST. The total value for the revised firm period is $630,000.

Seamec operates in two distinct verticals of the shipping business - offshore support vessels & services and bulk carrier charter business. The company owns six vessels and one barge in the offshore support business wherein the vessels are deployed in the domestic and international market.

The company has reported a consolidated net profit of Rs 0.11 crore in the quarter ended September 2024 as against net loss of Rs 14.78 crore during the previous quarter ended September 2023. Sales rose 4.07% to Rs 87.87 crore in Q3 FY25 as compared with Q3 FY24.

Powered by Capital Market - Live News