From Arbitration to Amicability: Seamec to Represent Jumbo Offshore in High-Stakes Vessel Arrest Case

Seamec Limited announced a significant development in its ongoing arbitration disputes with M/s Jumbo Offshore Limited. Following prior communications, both parties have now reached an amicable settlement by signing consent terms. Under this agreement, Seamec will represent Jumbo in contesting the arrest of Jumbo’s vessel, "Tug Maria," in the Hon’ble Gujarat High Court. This strategic move is formalized through a Power of Attorney granted by Jumbo. Consequently, the arbitration proceedings initiated by Jumbo against Seamec are now placed in abeyance, pending resolution in court. Importantly, this settlement carries no material financial impact on Seamec.

 

Key highlights of the announcement include:  

This resolution marks a constructive approach to resolving disputes without adverse financial consequences, reflecting positively on Seamec’s strategic handling of legal challenges. 

 

Source: Seamec Limited’s disclosures to the Stock Exchanges