Contract Win
SEAMEC Wins USD 5.21 Million Offshore Charter Contract from Lamprell Energy for ONGC Support Operations
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SEAMEC Limited has entered into a BIMCO Charter Party Agreement with Lamprell Energy Limited for the charter hire of its barge “SEAMEC GLORIOUS”. The contract, valued at USD 5.21 million (inclusive of GST), will support offshore accommodation and hook-up operations for ONGC projects in the Mumbai High & West Coast Offshore region.
PRICE-SENSITIVE TRIGGER
Event: Execution of Offshore Charter Hire Agreement.
Type: Contract Win
Impact: Positive
Immediate Effect: SEAMEC has secured a new offshore charter contract that strengthens its order book and provides revenue visibility through a 180-day charter period with an option for extension.
Financials:
Key Metrics:
- Contract Value: USD 5.21 million (Inclusive of GST)
- Contract Type: BIMCO Charter Party Agreement
- Client: Lamprell Energy Limited
- Asset: Barge “SEAMEC GLORIOUS”
- Initial Charter Period: 180 Days
- Extension Option: Available
- Charter Commencement Window: October 15, 2026 – October 31, 2026
- Project Location: Mumbai High & West Coast Offshore including Daman Oilfield
- End Client: Oil and Natural Gas Corporation (ONGC)
Highlight:
- SEAMEC secured a USD 5.21 million offshore charter contract with Lamprell Energy Limited for ONGC support operations.
What Happened ?
SEAMEC Limited announced that it has entered into a BIMCO Charter Party with Lamprell Energy Limited for the charter hire of its offshore barge SEAMEC GLORIOUS.
The vessel will be deployed for offshore accommodation and hook-up support work across Mumbai High and the West Coast Offshore region, including the Daman Oilfield, supporting projects undertaken for ONGC. The agreement carries a firm charter period of 180 days with an extension option and is scheduled to commence within the second half of October 2026.
key details
Contract Overview:
- Agreement signed with Lamprell Energy Limited.
- Charter of SEAMEC GLORIOUS under a BIMCO Charter Party.
- Vessel will support offshore accommodation and hook-up operations.
- Work relates to ONGC offshore projects.
- Operations cover Mumbai High, West Coast Offshore and Daman Oilfield.
Note:
- The charter is expected to begin between October 15 and October 31, 2026.
Commercial Terms:
- Contract value stands at USD 5.21 million, inclusive of GST.
- Initial charter duration is 180 days.
- Agreement includes an option for extension.
- Supports long-duration offshore utilization of SEAMEC’s marine asset.
Note:
- The contract provides additional revenue visibility while improving fleet utilization.
Regulatory & Transaction Details:
- Disclosure made under SEBI (LODR) Regulation 30.
- The counterparty is Lamprell Energy Limited.
- The agreement is not a related party transaction.
- Neither promoters nor promoter group are related to the counterparty.
- No special rights, shareholding arrangements or capital-related clauses have been disclosed.
Risk Analysis
Summary:
- Although the contract strengthens SEAMEC’s offshore order book, execution remains dependent on project schedules, offshore operating conditions and customer requirements.
Key Risks:
- Delay in mobilization before charter commencement.
- Operational disruptions due to offshore weather conditions.
- Possible changes in ONGC project timelines.
- Utilization risk if extension option is not exercised.
- Standard execution and marine operational risks.
Worst Case:
- If project schedules are postponed or offshore operations are delayed, commencement of the charter and associated revenue recognition could shift beyond current expectations.
Risk Level: Low
Company Commentary
- SEAMEC has entered into a BIMCO Charter Party with Lamprell Energy Limited.
- The agreement covers charter hire of SEAMEC GLORIOUS for offshore accommodation and hook-up operations.
- The contract supports ONGC projects in Mumbai High and West Coast Offshore.
- The charter has a firm tenure of 180 days with an option for extension.
- The transaction is not a related party transaction.
Official Exchange Filing: SEAMEC Limited
