Offshore Services Contract
SEAMEC Secures USD 2.12 Million Offshore Charter Contract for Vessel “SEAMEC PRINCESS”
NSE
SEAMECLTD
BSE
526807
SEAMEC Limited has entered into a charter party agreement with Lamprell Energy Limited, Dubai for charter hire of its vessel “SEAMEC PRINCESS” to support offshore Oil & Natural Gas Corporation (ONGC) operations in India’s West Coast oilfields, with contract value estimated at USD 2.12 million.
PRICE-SENSITIVE TRIGGER
Event: Execution of offshore vessel charter agreement
Type: Offshore Services Contract
Impact: Positive
Immediate Effect: The charter agreement strengthens SEAMEC’s offshore operations business and enhances near-term revenue visibility from offshore energy sector activities.
Key Metrics:
- Contract Value: Approximately USD 2.12 million
- Contract Type: Charter Hire Agreement
- Vessel Name: SEAMEC PRINCESS
- Contract Duration: 15 days firm period
- Extension Clause: Extension possible on mutually agreed terms
- Client: Lamprell Energy Limited, Dubai
- Operational Area: ONGC West Coast Oilfield including Daman Field
Highlight:
- Label: Charter Contract Value
- Value: USD 2.12 million
What Happened ?
SEAMEC Limited informed stock exchanges that it has entered into a charter party agreement with Lamprell Energy Limited, Dubai for charter hire of its offshore vessel “SEAMEC PRINCESS”.
The vessel will be deployed for offshore activities related to Oil and Natural Gas Corporation (ONGC) operations in India’s West Coast Oilfield, including the Daman Field.
The agreement carries a firm charter tenure of 15 days with an option for extension on mutually agreed terms.
key highlights
Charter Agreement and Offshore Deployment Details:
- SEAMEC entered into the charter agreement with Lamprell Energy Limited, Dubai.
- The agreement pertains to charter hire of vessel “SEAMEC PRINCESS”.
- The vessel will support offshore activities of ONGC in India’s West Coast Oilfield.
- Operations include offshore work in the Daman Field region.
- The charter agreement has a firm duration of 15 days.
- The agreement includes an extension option subject to mutual agreement.
- Estimated contract value for the firm period is approximately USD 2.12 million excluding GST.
- The agreement does not involve any promoter or related party relationship.
- The transaction is not classified as a related party transaction.
- Intimation of the event was received by the company on May 12, 2026 at 11:20 hours.
Note:
- The contract enhances vessel utilization and supports SEAMEC’s offshore marine services business in the oil and gas sector.
Risk Analysis
Key Risks
- Offshore activities remain exposed to weather disruptions and operational delays.
- Short-term charter contracts may create revenue volatility if follow-on contracts are delayed.
- Oil and gas sector spending cycles directly impact offshore vessel utilization.
- Project extensions remain subject to mutual agreement and operational requirements.
- Marine operations involve safety, compliance, and technical execution risks.
Worst Case Scenario
- Non-extension of the charter period or operational disruptions may limit expected revenue realization from the deployment.
Risk Level: Medium
Company Commentary
- SEAMEC confirmed execution of the charter party agreement with Lamprell Energy Limited, Dubai.
- Management stated that vessel “SEAMEC PRINCESS” will support ONGC offshore activities in the West Coast Oilfield and Daman Field.
- The company highlighted that the charter tenure is for a firm 15-day period with extension flexibility.
- SEAMEC clarified that the agreement is not a related party transaction.
Official Exchange Filing: SEAMEC Limited