Mumbai: SEAMEC has strengthened its offshore services portfolio with an updated contract that ensures continued deployment of its vessel in critical energy infrastructure projects.
SEAMEC entered into Addendum 02 to its subcontract agreement with Posh India Offshore Private Limited for charter hire of its vessel “SEAMEC PRINCESS.” The agreement relates to ongoing offshore work for ONGC projects, reinforcing continuity in operations and revenue visibility.
The vessel will operate at a charter hire rate of 37,000 dollars per day, exclusive of GST. This fixed daily rate provides predictable revenue generation tied to project execution timelines and vessel deployment efficiency.
The contract covers installation of concrete mattresses for Pipeline Replacement Project VIII (PRP-VIII Gr. B) and the Daman Upside Development Project. These projects are part of ONGC’s offshore infrastructure upgrades, highlighting SEAMEC’s role in energy sector execution.
As outlined in the annexure on page 2, the agreement is executed in the ordinary course of business and does not involve related party transactions. There are no special rights or equity-related clauses, indicating a straightforward commercial contract structure. The addendum strengthens SEAMEC’s offshore order pipeline, supporting steady utilization of its fleet while reinforcing its position in oil and gas infrastructure services.
Disclaimer: This article is based solely on the company’s official filing and does not include independent verification or external analysis.
