SEAMEC update on outstanding receivables from SEAHORSE

SEAMEC announced that a Settlement Agreement has been made amongst the Company, SEAHORSE (the charterer) and PMS, Egypt pursuant to which the outstanding dues of US $ 3.65 million has been settled for US $ 3.29 million.

As per the above arrangement read with the assignment of debt right given by SEAHORSE to SEAMEC, SEAMEC will receive the outstanding in instalments directly from PMS.

The payment as per the Settlement Agreement in instalments has been commenced

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