The shares of this shipping company gained up to 3.3 percent after the company entered into a Memorandum of Agreement (MOA) with M/s. Ships & Boats Oil Services for Purchase of Vessel “SEA PEARL”. 

With a market capitalization of Rs 2,363.38 Crores. Seamec Ltd, On Friday, The shares closed at Rs 929.55 a share, an increase of 2.28 percent from the previous closing price. 

The company filing states that Seamec Ltd and M/s. Ships & Boats Oil Services signed a Memorandum of Agreement (MOA) for the purchase of the vessel “SEA PEARL,” with a purchase price of USD 7,000,000. The acquisition is scheduled for the third week of January 2024, by the terms of the contract. 

In addition to three bulk carriers that offer marine transportation services for dry-bulk materials like industrial products, staple foods, and commodities, Seamec Ltd. owns and operates five cutting-edge DSV vessels that facilitate intricate subsea operations. 

According to the company’s financial statements, revenue went from Rs 85.33 crore in Q2FY23 to Rs 84.43 crore in Q2FY24, a 1.05 percent increase. Additionally, net profit dropped from Rs 17.1 crores to Rs 14.78 crores loss during that time. 

Seamec Ltd incorporated a wholly owned subsidiary Seamac Ltd in March 2023 to explore business opportunities in the UK & Europe. 

The operation brings in 28.3% of revenue from outside the country and 71% from the domestic market for Seamec Ltd. The company has allocated Rs 256 crores for capital expenditures for FY2022–2023. 

Seamec Ltd. provides services for offshore oilfield operations in the United States and other countries. Along with its involvement in various tunnel construction projects, the company also owns and operates diving support vessels. 

Written by:- Abhishek Singh


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