Seamec Ltd. Secures USD 16.72 Million Subcontract for ONGC Projects
Seamec Limited entered a 150-day subcontract with G R Infra projects Limited for charter hire of its vessel SEAMEC III. The deal, valued at approximately USD 16.72 million (₹138.8 crore) excluding GST, is for subsea installation and diving works for ONGC projects.
The value of the subcontract is material and contributes to the company's order book, impacting revenue streams.
The company has secured a new subcontract with a significant value, indicating business growth and operational activity.
Seamec Limited has announced the execution of a subcontract with M/s. G R Infra projects Limited for the charter hire of its vessel, SEAMEC III.
This vessel will be deployed for subsea installation and diving works during the second season for ONGC's Part Replacement Pipeline Project, Pipeline Replacement Project – Group A (PRP -VIII A), and DSF II Project. The subcontract is for a tenure of 150 days.
The total value of this subcontract is approximately USD 16.72 million (₹138.8 crore), exclusive of GST. The agreement was entered into in the normal course of business and is not considered a related party transaction. Both parties confirmed no promoter or promoter group interest in the entity awarding the contract.
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