Seamec Limited Signs Diving Agreement with HAL Offshore Limited for Subsea Services
Seamec Limited has entered into a Diving Agreement with M/s. HAL Offshore Limited (HAL) to procure essential subsea services. The agreement involves availing Diving Subsea Services aboard the ONGC Vessel 'SAMUDRA PRABHA,' which is managed by Seamec.The transaction, executed on July 23, 2026, carries a total contract value estimated at USD 9.42 million, exclusive of GST. The agreement involves a related party transaction and is conducted on an arm's length basis and within the normal course of business operations for both parties.
Key Terms of the Agreement
M/s. HAL Offshore Limited is the Promoter of Seamec Limited. This relationship context is noted in the terms of the contract. The agreement, which focuses on providing diving services, outlines specific details regarding its scope and financial size.The material terms pertaining to this business arrangement are detailed as follows:
| Detail | Description |
|---|---|
| Counterparty Name | M/s. HAL Offshore Limited |
| Purpose of Agreement | Availing Diving Subsea Services on ONGC Vessel 'SAMUDRA PRABHA' managed by Seamec |
| Contract Value | USD 9.42 million (exclusive of GST) |
| Relationship Status | Related Party Transaction, conducted at Arm's Length |
The agreement specifies that HAL Offshore Limited holds a shareholding of 70.77% in Seamec Limited. The services provided under the contract relate to specialized diving activities required on the specified ONGC vessel.
SEAMECLTD Stock Price Movement
Today, Seamec Limited shares edged higher, settling at ₹1402.1 after gaining 2.50% in post-market trading. The equity saw strong intraday action, with the stock oscillating between a low of ₹1352.8 and a high of ₹1405 during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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