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SEAMEC Ltd.

BSE: 526807 Sector: Infrastructure
NSE: SEAMECLTD ISIN Code: INE497B01018
BSE 00:00 | 10 Jul 416.00 43.00
(11.53%)
OPEN

406.00

HIGH

442.30

LOW

403.45

NSE 00:00 | 10 Jul 416.10 44.10
(11.85%)
OPEN

418.90

HIGH

441.80

LOW

403.00

OPEN 406.00
PREVIOUS CLOSE 373.00
VOLUME 31141
52-Week high 530.00
52-Week low 195.00
P/E 8.13
Mkt Cap.(Rs cr) 1,058
Buy Price 410.00
Buy Qty 10.00
Sell Price 415.00
Sell Qty 4.00
OPEN 406.00
CLOSE 373.00
VOLUME 31141
52-Week high 530.00
52-Week low 195.00
P/E 8.13
Mkt Cap.(Rs cr) 1,058
Buy Price 410.00
Buy Qty 10.00
Sell Price 415.00
Sell Qty 4.00

SEAMEC Ltd. (SEAMECLTD) - Company History

Promoted by Peerless General Finance & Investment Company, the flagship of the Peerless group, South East Asia Marine Engineering and Construction Ltd, previously known as Peerless Shipping & Oilfield Services is engaged in the business, inter alia, of operation of multi-support vessels for underwater / sub-sea engineering services, deep-sea diving, inspection of underwater structures, rescue operations and fire fighting. The company has the experience of operating 3 multi-purpose support vessels (MSVs) (including two from ONGC) for more than 5 years in the areas of sub-sea engineering and deep-sea diving services. It came out with a public issue in 1995 to part-finance the acquistion of two MSVs, to meet long-term working capital requirements and to meet the expenses of the public issue. South East Asia is the first company in the private sector to operate the ONGC-owned MSV, Samudra Prabha. The company was also awarded a contract to operate another ONGC-owned MSV, Samudra Sevak, for two years. The company, at present, has a sub-contracting arrangement with Stena Offshore. Apart from this, the company has entered into a MoU with Rompetrol, Romania, for technical know-how and equipment back-up for oilfield services. It plans to venture in sub-sea operations on a grand scale, like sea-bed pipe laying and other underwater work such as laying cables for telecommunication projects. Coflexip Tena Offshore (CSO), has increased its holding in the Company to 58.24% during October 1999. The Company has entered into an arrangement with Coflexip Stena Offshore Ltd., Aberdeen UK for technical and engineering support services. ONGC has floated a tender for the operations and management of its three owned MSVs Samudra Sevak, Samudra Prabha and Samudra Suraksha and bids have been submitted by the Company to ONGC for all three vessels.