Seamec Limited has informed the Exchange regarding Outcome of Board Meeting held on Jun 03, 2025.

Listed Co AcquisitionStrategic Transactions View source PDF Explain this filing

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AI summary

Seamec Limited's board, meeting on June 3, 2025, approved the purchase of a vessel named 'SEAMEC ANANT' from its parent company HAL Offshore Limited for USD 70 million. This is a related party transaction and is subject to shareholder approval via postal ballot. After purchase, Seamec will charter the vessel back to HAL Offshore at a daily rate of USD 45,000 for marine activities, providing a steady revenue stream. The board also approved increasing the annual monetary cap on related party transactions with HAL Offshore from USD 30 million to USD 60 million, covering charter hire, diving, and other business-related deals. Shareholders will now vote on both proposals through a postal ballot notice to be sent shortly.

Likely market impact

This is a major USD 70 million capital outlay funded through related party dealings with the parent company, which will expand Seamec's fleet but increase its exposure to a single counterparty. The back-to-back charter arrangement offers predictable income, but shareholders should watch the related party terms closely as the company becomes more financially intertwined with HAL Offshore.