Seamec gets USD 55 million vessel charter from promoter HAL Offshore

Agreement
Shipping

Blacklitt Research21 October 20262 min read

Seamec (NSE: SEAMECLTD) entered into a contract with HAL Offshore, its promoter, to charter the vessel SEAMEC ANANT for about USD 55 million excluding GST, it said in a filing on 21 Oct 2026. The company had a market value of about ₹4,000 crore when its shares closed at ₹1,573.10 on 21 Oct 2026.

Key highlights

Contract value of about USD 55 million, excluding GST
Hire period of about 1,225 days, subject to HAL's contract with ONGC
HAL Offshore holds 70.77% of Seamec
Q1 FY27 consolidated revenue of ₹316.89 crore and net profit of ₹81.34 crore

The charter at a glance

Item	Detail
Vessel	SEAMEC ANANT
Counterparty	HAL Offshore Limited
Relationship	Promoter; holds 70.77% of Seamec
Work	Charter hire for ONGC inspection, maintenance and repair (IMR) jobs
Hire period	About 1,225 days, subject to HAL's charter hire agreement with ONGC
Value	About USD 55 million, exclusive of GST
Related party	Yes; the company says it is on arm's length terms
Executed	21 Oct 2026 at 16:33 hours

The related-party status of the charter

HAL Offshore is the promoter of Seamec, so the contract is a related-party transaction under SEBI's listing rules. The filing says the charter is in the normal course of business and on arm's length terms. Items on special rights, share issues and loans are marked not applicable.

Recent rating revision and results

On 14 Oct 2026, the company disclosed a credit rating revision from Crisil, which our earlier article covers: CRISIL reaffirms SEAMEC’s A+/Stable rating on bank facilities enhanced to ₹883 crore. Consolidated revenue for Q1 FY27 was ₹316.89 crore and net profit was ₹81.34 crore, against ₹330.35 crore and ₹103.70 crore in Q4 FY26.

What the charter means for shareholders

The contract adds a charter with the promoter for one vessel, valued at about USD 55 million, and ties the hire period to HAL's agreement with ONGC. The filing gives no rupee value for the contract, the day rate, or the vessel's use after the hire ends. The next dated step is the start of the hire period, which the filing does not date.

Reference: Original filing (PDF)

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Key highlights

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CRISIL reaffirms SEAMEC’s A+/Stable rating on bank facilities enhanced to ₹883 crore