Seamec in smooth waters

Seamec is buzzing loud in the early morning trades today; rising over 5% to 610.25, the counter currently has more buyers than sellers. Its 52-week high is at Rs.1423.95.

The stock price rose on its announcement that it is entering into a Charter Hire of the company's Vessel "SEAMEC PALADIN" with ONGC.

This contract is for a period of 5 years with effect from the date of mobilization.

The charter rate has been fixed at Rs.35,000/day for marine activities.

The company is engaged in the operation of bulk carriers and also carries out building EPC infra through a JV. A subsidiary of HAL Offshore Ltd (HAL), Seamec has the largest fleet of Diving Support Vessels in the Middle East and India region.