SEAMEC Ltd Share Price

History of SEAMEC Ltd

SEAMEC Limited was erstwhile incorporated as 'Peerless Shipping & Oilfield Services Limited' in 1986. The name of the Company was thereafter changed to 'South East Asia Marine Engineering & Construction Limited' in 2000 and further was changed to 'SEAMEC Limited' in 2007. SEAMEC Ltd, promoted by Peerless General Finance & Investment Company, is an established, reputed name in the offshore shipping industry, providing offshore oilfield services and Diving Support Vessels (DSV) in India and abroad. The Company provide DSVs and Turnkey subsea solutions requiring provision of Divers and ROVs etc., as well as third party vessel management services for DSVs. The Company owns and operates four Multi Support Vessels for providing support services including marine, construction and diving ... services to offshore oilfields and bulk carrier vessel for providing bulk carrier services. SEAMEC's offshore fleets include SEAMEC II, SEAMEC III, SEAMEC PRINCESS, SEAMEC SWORDFISH and SUBTECH PALADIN which are multi-support, multi-functional DSVs. SEAMEC DIAMOND which is an OSV and SEAMEC GLORIOUS which is an Accommodation Barge. 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 acquisition 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. Pursuant to order dated 9th September, 2002 of Securities and Exchange Board of India (SEBI) read with order dated 25th October, 2002 of Securities Appellate Tribunal (SAT), Technip-Coflexip S.A. France along with Coflexip Stena Offshore (Mauritius) Ltd. (CSOML), the Company's holding company and Person acting in concert acquired 6,780,000 shares comprising 20% in the Share Capital of Company. Consequently CSOML's shareholding in the Company increased from 58.24% to 78.24%. On 12 June 2006, the Company took delivery of a British flag cable laying vessel named as 'Oceanic Princess' from James (Fisher) Logistics Limited of UK costing USD 18.25 million. The vessel was renamed as 'SEAMEC PRINCESS'. In 2006, the Company installed Saturation Diving System Onboard in Aug' 06 costing USD 1.65 million (Rs. 74 million). The vessel 'SEAMEC PRINCESS' was made ready and put to hire effective from 1st March 2009. The Company set up a wholly owned subsidiary by name and style 'SEAMEC INTERNATIONAL FZE' in Dubai Airport Free Zone ( DAFZA), Dubai, UAE on 14th March 2010 for carrying out operations. The Vessel owned by SEAMEC INTERNATIONAL FZE, was taken under Bareboat Charter, deployed in West Africa for a project with Technip effective from Jan' 2012. With the acquisition of 51% shares by HAL Offshore Limited in first Tranche of disinvestment by Coflexip Stena Offshore (Mauritius) Limited (CSOML), the Company became a subsidiary of HAL Offshore Limited during year 2013-14. The Company acquired a utility vessel by name 'REVELATION' under BELIZE Flag, which was taken over on 19th March, 2015 at Singapore costing USD 2.6 Million. The Company in 2017, diversified into the main fleet shipping business, acquiring a vessel portfolio of four bulk carriers through their subsidiaries that facilitate marine transportation of various dry-bulk materials, including food staples, commodities, industrial products, and scrap. The newly Bulk Carrier 'SEAMEC GALLANT' was acquired in 2018. During 2020-21, the subsidiary, Seamate Shipping FZC purchased a bulk carrier named 'ASIAN PEARL' for an aggregate amount of US$ 5,050,000. The Company incorporated a subsidiary 'Seamec Nirman Infra Limited' in joint venture with NirmanVridhi Infra LLP in the ratio of 65:35. It acquired a Multi Support Vessel named 'Seamec Paladin' and an accommodation Barge named as 'Seamec Glorious' in year 2021-22. The Board of Directors of Company in its meeting held on March 28, 2022, approved Scheme of Arrangement for Demerger of Marine, EPC and Other Ancillary Business of HAL Offshore Ltd (Demerged Company) into Seamec Limited (the Resulting Company), effective from April 01, 2023. The Company acquired a new Multi Support Vessel 'SUBTECH SWORDFISH' , increasing its fleet size to 5 nos. of MSVs and 1 no. of Barge during year 2022-23. The newly Bulk Carrier 'SEAMEC GALLANT' was transferred to Company's wholly owned subsidiary, SEAMEC International FZE, on April 18, 2023. The total fleet strength of the Company during the year 2024 was 8 (eight), comprising of 5 (five) numbers of Multi Support Vessels (MSVs), 1 (one) number of Barge, 1 (one) number of Bulk Carrier and 1 (one) number of Offshore Support Vessel (OSV). The Bulk Carrier was transferred to the Company's wholly owned subsidiary, SEAMEC International FZE, Dubai, in early April 2023 and OSV- SEAMEC DIAMOND was acquired in January 2024. The total fleet strength of the Company during the year 2025 was 7 (seven), comprising of 5 (five) numbers of Multi Support Vessels (MSVs), 1 (one) number of Barge and 1 (one) number of Offshore Support Vessel (OSV). During the year 2024-25, Company's MSV - SEAMEC II and SEAMEC PALADIN were engaged with ONGC on a long term contract, through HAL Offshore Limited. During the year 2025, SEAMEC SWORDFISH was in overseas engagement commencing from end January 2024 with M/s Mermaid Subsea Services, Saudi Arabia (Mermaid), for working in the Kingdom of Saudi Arabia. She was withdrawn in June 2024 for undertaking modification and thereafter, statutory dry docking, which completed in October 2024. Thereafter, in December 2024, she engaged with Mermaid till end February 2025. The Company entered into a Bimco Charter Party with M/s Safeen Al Behar Limited Company, Saudi Arabia, for charter hire of the Vessel for a firm period of 730 days, with option for extension. The charter which was to begin in end March 2025, is deferred and engagement commenced in end May 2025.