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Seamec Ltd. Company History and Annual Growth Details

YEAR EVENTS
1986 - The Company was Incorporated as a private limited company in the
name of Peerless Leasing Pvt. Ltd., on 29th December. The name
was changed to Peerless Drive Pvt. Ltd. on 8th July 1987 as per
the MOU entered into by the company for the setting up of a
Indo-Norwegian joint venture with Rolv Berg Drive A/s Tromso,
Norway. It became a public limited company and the name was
changed to Peerless Shipping & Oilfield Services Ltd. on 25th
August, 1994.

- The Company is engaged in the Business of operation of multi
support for underwater/subsea engineering services, deepsea
diving, inspection of underwater structures, repairs and
maintenance of offshore platforms fire fighting services and
rescue operations.

1989 - The Company commenced operations with the acquisition of vessel
Peerless Stena I (Ex Drive Ocean) from the company's initial
Collaborator Rolu Berg Drive. It was initialy deployed with ONGC
for carrying out subsea engineering operations in offshore oil
fields.

1991 - Also with a view to diversify, the company bid for contract of
Oil India Ltd., in Rajasthan and was awarded the Contract in
January. For the said deep drilling contract, the company
imported two second hand 2500 Gardner Denver make, land drilling
rigs from Texas USA.

- The Company entered into an agreement with Stena offshore BU
Holland for maintenance and repair of SBM, repair of offshore
structures, submarine pipeline repairs and undertaking
inspection.

1993 - On 7th December, the company signed a contract with ONGC for
contract for another vessel. MSV Samudra Sevak from 3rd August
for a period of 2 years. Two MSV were purchased from Essar
Shipping Ltd. viz. Peerless Stena II and Peerless Stena III.
These are employed with ONGC. It also operates bulk carrier (MV
Thaper Kahnadi) which it acquired in March from Ballarpur
Industries Ltd. The company was promoted by Peerless General
Finance and Investment Co., Ltd.

- The Company undertook to purchase two multi purpose support
vessels at a total cost of Rs.135.50 crores and this was met
by equity issue of Rs.82.82 crores and foreign currency loan of
Rs.52.68 crores.

1994 - 30 Pref. shares 249,00,000 No. of equity shares issued subscribed
and paid-up. 85 lakhs equity shares of Rs.10 each at a prem. of
Rs.30 per share were issued on January 1995. Of which 11,400
shares were reserved for allotment on a preferential basis to
employees. Balance 84,88,600 shares were issued to the public.
As on the same date 5,00,000 No. of equity shares of Rs.10 each
were reserved for allotment in a firm basis at a prem. of Rs.40
per share to NRIs (all were taken up).

1995 - The name of the company was changed to Coflexip Stena Offshore
(Mauntius) Ltd.

1996

-Peerless Shipping & Oilfields Services Ltd has started operating the land-drilling rig at the nominated site Baruanagar in the Sibsagar district of Assam

1997

-The bail prayer of the Managing Director of Peerless Shipping and Oil Fields Services Limited Gautam Sen held for FERA violation was on Tuesday rejected by a Calcutta court.

-Managing Director Gautam Sen was arrested on July 28 by the Enforcement Directorate for contravening Section 8(1) of Foreign Exchange Regulation Act (FERA) of 1973

1998

- board accepted the resignation of Mr Datta top sources said.

2000

-The Board has approved the change in name of the company to South East Asia Marine Enginering & Construction Ltd.

-Board proposes to appoint Arthur Andersen & Associates as auditors in place of Lodha & Co which has resigned according to the notice for an EGM to be held on April 28.

-The mumbai office has been shifted to 401-404 4th floor. The Eagle's Flight Suren Road Off Andheri Kurla Road Andheri (E) Mumbai-400093.

- AGM has approved the change in name of the company to South East Asia Marine Engineering & Construction Ltd (SEAMAC Ltd).

2002

-Kevin Paul Wood resigns from the Board of South East Asia Marine Eng & Const.

-South East Asia Marines Vessel -- MSV Seamec III engaged on a long-term contract of 3 yrs by ONGC Ltd. through HAL Offshore Ltd for working in Bombay High Offshore2003

-Mr Kevin Paul Wood has resigned from the Board of Directors of the company with effect from August 09, 2002.

-Mr Ivan Coyard and Mr Robin Nigel King have been appointed as Additional Directors of the company on October 30, 2002.

-Appointed Mr. Georges Michel as an Additonal Director of the Company. The Board has also considered and extended the terms of appointment of Cmde. P. C. B. Nair, Indian Navy (Retd.) as Managing Direcotr of the Company for a period of one year commencing from January 01, 2004.

2003

-Mr Gautam Sen retires as Managing Director of the Company with effect from March 8, 2003.

-- P C B Nair, Indian Navy (Retd) appointed as the Managing Director of the Company

-Board accepted the resignation of Mr. Robin King as the Director of the Company. Appoints Mr. Georges Michel as an Additonal Director of the Company. The Board has also considered and extended the terms of appointment of Cmde. P. C. B. Nair, Indian Navy (Retd.) as Managing Direcotr of the Company for a period of one year commencing from January 01, 2004

2004

-South East Asia Marine Engineering & Construction Limited has informed that one of the Company's vessel, SEAMEC ll has been awarded a contract on Nomination basis dated February 12, 2004 with Oil & Natural Gas Corporation Ltd. for charter hire effective from December 27, 2003 till September 30, 2004.

2006

-South East Asia enters into an agreement with Offshore Technology Solutions

2007

-Company name has been changed from South East Asia Marine Engineering & Construction Ltd to Seamec Ltd.

2009

- Seamec Ltd has appointed Mr. Shardul Thacker as the Chairman of the Board in place of Mr. Carl Holmen.
 
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