Seamec down 3%

Seamec had some good news to share yet the stock is down in the red. It had closed yesterday at Rs.303.35 and opened lower at Rs.300 and is currently traded at its intraday low at Rs295, down 3%.

The company announced yesterday night that its vessel, “SEAMEC PRINCESS” has been contracted with L&T Hydrocarbon Engineering for working at Mumbai High Offshore.

The tenure of the contract is for a firm period of 20 days with option for extension. The contract started yesterday and is valued at Rs.8 crore.

Another order - HAL Offshore Limited (HAL) has placed a Notification of Award (NOA) for Charter Hire of SEAMEC III for a period of 2 years. The vessel is likely to be deployed around end July or early August after completing the dry docking and modifications required to meet the contractual obligation. The aggregate value of contract is about  $22,986,400 inclusive of GST.

Seamec owns a fleet of six vessels comprising of two bulkers and four OSVs.