Seamec Ltd Secures $43M Charter Deal with HAL Offshore for Agastya Vessel

Seamec Limited, an offshore vessel operator, executed a subcontract with promoter HAL Offshore Limited today for chartering its advanced Multi Support Vessel (MSV) SEAMEC AGASTYA. Post-statutory dry dock, the vessel will support HAL's ongoing 5-year ONGC contract, ensuring steady deployment and revenue. This arms-length related party transaction aligns with normal business operations, bolstering Seamec's project pipeline amid rising offshore demand.​

Strategic Importance

The agreement underscores HAL Offshore's 70.77% stake in Seamec, fostering synergy in India's energy sector. With no special rights or conflicts noted, it enhances fleet utilization and financial stability through predictable cash flows.​

Key Highlights:

Parties: Seamec Ltd and HAL Offshore Ltd (promoter holding 70.77%).​

Vessel & Purpose: Charter of MSV SEAMEC AGASTYA for ONGC deployment under HAL's contract.​

Tenure & Rate: 4 years (balance period), USD 25,000/day; total ~USD 43.07M incl. GST.​

Timing: Executed Dec 4, 2025, at 14:33 IST, post-dry dock.​

Compliance: Related Party Transaction at arm's length; per SEBI Reg 30 & LODR Schedule III.​

Sources: SEAMEC Ltd BSE/NSE disclosure