Key Details of the Agreement
- Charter Period: 730 days (with an option for extension on mutually agreed terms)
- Commencement Window: Between March 1, 2025 – March 30, 2025
- Total Contract Value: USD 57.40 million
- Operating Regions: Kingdom of Saudi Arabia and UAE
- Date of Occurrence: February 4, 2025, at 23:45 hours
Agreement Highlights
- The transaction does not fall under Related Party Transactions.
- Safeen Al Behar Limited has no affiliation with SEAMEC's Promoter Group.
- The agreement is a standard business transaction in the ordinary course of operations.
Strategic Significance
This agreement strengthens SEAMEC’s position in the Middle Eastern offshore services market, particularly in Saudi Arabia and the UAE. The long-term charter commitment of 730 days ensures stable revenue generation for the company.Management Commentary
S.N. Mohanty, President – Corporate Affairs, Legal & Company Secretary, SEAMEC Limited, stated:"This charter agreement is a testament to SEAMEC's growing presence in international marine contracting. The firm period of two years provides revenue visibility and underscores our vessel SEAMEC SWORDFISH's capabilities in offshore operations."SEAMEC Limited remains a key player in marine and offshore support services, catering to oil and gas operations globally. The company continues to explore new contracts and partnerships to bolster its growth trajectory.