Seamec Limited has informed the Exchange about Others Termination Letter by HAL Offshore Limited - Memorandum of Understanding dated 26 December 2023
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Seamec Limited has informed the exchanges that HAL Offshore Limited has terminated the Memorandum of Understanding dated December 26, 2023 for charter hire of the vessel 'SEA PEARL.' The termination was effective from July 28, 2025, and the communication was received on August 5, 2025. The reason for termination is that Seamec could not deliver the vessel to HAL because the vessel owner did not deliver it on time. As a result, Seamec may have to bear any liquidated damages arising from the non-delivery of the vessel to HAL. No financial quantum of the potential damages has been disclosed in this filing.
This is a negative development for Seamec shareholders as the company loses a charter contract and may face financial liability in the form of liquidated damages. However, the cause was non-delivery by the vessel owner rather than a client dispute, so Seamec may have grounds for recourse against the owner. The lack of disclosed financial impact creates uncertainty.