Small-Cap Shipping Company Bags Order Worth $32 Million From ONGC, Shares Up 12.31% In 1 Week

In an exchange filing on Jul 07, 2023, SEAMEC Limited informed that the company has bags a new order worth USD 32 million from Oil & Natural Gas Corporation Ltd. (ONGC).

The contract is awarded to the consortium of SEAMEC Limited and Supreme Hydro Engineering Pvt. Ltd. for Charter hire of Barge sans Tugs "SEAMEC GLORIOUS" for 2 fair weather seasons during 2023-24 & 2024-25 for Western Offshore.

Notification of Award for Charter Hire of Barge sans Tugs "SEAMEC GLORIOUS"

SEAMEC Limited in an exchange filing has said, "We wish to inform that ONGC vide its Notification of Award (NOA) letter no. MUM/OFFLOGISTICS/MM/2022/1027607/P76SC22004/ Seamec Glorious/9010036703 dated 6th July, 2023 has awarded contract to the consortium of M/s. SEAMEC Limited and M/s. Supreme Hydro Engineering Pvt. Limited., for Charter hire of Bargexx sans Tugs "SEAMEC GLORIOUS" for 2 fair weather seasons during 2023-24 & 2024-25 for Western Offshore. The duration of the contract for 2 fair weather seasons will be for 425 days."

It added, "The Barge, for the first fair weather season, will be mobilized within the window of 16th October, 2023 to 31st October, 2023. The total contract value will USD 32 million inclusive of GST."

Stock Movement

On Monday, SEAMEC's stock last traded at Rs 757.85 per share on BSE, up 2.70% from its previous close of Rs 745.65 per share. It jumped 12.31% in the past 1 week and 15.78% in the past 1 month, respectively.

The stock has fallen 12.42% in the past 1 year. It gave 57.49% in the past 2 years and 82.18% in the past 3 years, respectively. It gave 180.69% in the past 5 years.

The stock traded its 52-week high on Sep 21, 2022, at Rs 1274.95 per share and 52-week low on Mar 29, 2023, at Rs 563.30 per share on BSE, respectively.

About - SEAMEC Limited

SEAMEC Limited is a small-cap company providing niche services in the offshore Subsea Segment. From a modest beginning in 1986, when it was incorporated as Peerless Leasing Pvt Ltd,to becoming a part of Technip FRANCE. In 2014 SEAMEC became a subsidiary of HAL Offshore Ltd (HAL) thus a part of MM Group, Seamec has achieved many milestones during the journey, and today it is a powerhouse to reckon with. The company has a market capitalisation of Rs 1,926.83 Crore.

Presently Seamec has the largest fleet of Diving Support Vessels in the Middle East and India Region. With the well-maintained fleet of DSVs, Seamec is catering to a variety of clients-be it a turnkey basis or day rate basis. SEAMEC and its Subsidiaries are engaged in the operation of Bulk Careers worldwide. It has ventured into EPC Infrastructure through a Joint venture company.

Disclaimer

The above-mentioned information is purely informational. Investors are advised to not take this as an advisory to invest. Greynium Information Technologies and the Author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before making any investment decision.