Seamec up 4% as board gives green signal to set up subsidiaries in UK

Seamec’s board has approved the proposal for setting up of a wholly-owned subsidiary and step-down subsidiaries in UK for establishing a global operations office.

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Shares of Seamec surged four percent on March 20 after the company’s board approved the proposal for setting up a wholly-owned subsidiary and step-down subsidiaries in the UK for establishing a global operations office.

At 11:06 am, shares of the company were trading 1.6 percent higher on the BSE at Rs 754.2.

“The wholly owned subsidiary, once incorporated, will be a related party of the company. Save and except what is mentioned above, the Promoter/Promoter Group/Group Companies are not interested in the transaction,” Seamec said in a regulatory filing.

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Consolidated sales dropped 8 percent YoY at Rs 100.68 crore in December 2022 while net loss stood at Rs 1.77 crore in December 2022, down 104 percent.

EBITDA came in at Rs 21.33 crore in December 2022 which implied a 67 percent fall from the corresponding period last year.

The company’s stock has fallen close to 40 percent in the past year while the scrip has risen 179 percent in the past three years.

Seamec provides offshore oil field services and driving support vessels (DSVs) in India and abroad. It operates through two segments: Domestic and Overseas.