Seamec Limited has informed the Exchange about Bagging/Receiving of orders/contracts
SEAMECLTD · price
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Seamec Limited, in a consortium with Supreme Hydro Pvt Ltd, has received a Notification of Award from Oil and Natural Gas Corporation (ONGC) for providing Operation & Maintenance (O&M) services for ONGC's Multi-Support Vessel 'Samudra Sevak'. The contract runs for 738 days (approximately 2 years) and is set to commence within 60 days. The total contract value is around Rs. 410.74 crores inclusive of GST. The order has been awarded by a domestic entity (ONGC, a government PSU), is in the normal course of business, and is not a related party transaction. Seamec's promoter group has no interest in ONGC.
This is a sizeable order win that provides strong revenue visibility for Seamec over roughly the next two years and reinforces its position as an established O&M service provider in the offshore marine segment. Likely to be viewed positively by the market given the order size relative to the company's scale.