Seamec Obtains Board Approval to Establish Wholly Owned Subsidiary and Declining Subsidiaries in UK

The proposed name of the entity is SEAMEC UK Investments, the company said.

In an exchange filing, Seamec said: “We would like to inform that the Board of Directors, at its meeting held today, i.e. March 18, 2023, notably approved the proposal to create of a wholly-owned subsidiary and withdrawal subsidiaries of the Company in the United Kingdom for the establishment of a global operations office.Information regarding the formation of withdrawal subsidiaries will be communicated as they are formed.

The company has revealed it will make an initial investment of £1.85million.

Seamec entered into a subcontracting agreement with its consortium partner for a pipeline replacement project, which led to a sharp increase in its stock, last week.

Under the terms of the agreement, Seamec will take over certain subsea installation works from the state-owned oil company Oil and Natural Gas Corporation (ONGC) on the basis of a unit price.

Founded in 1986, Mumbai-based Seamec is a ship management company that provides marine management, dive support and underwater construction. The company was listed, via an IPO, on April 19, 1995.

Shares of Seamec stood at Rs 738.95 each, down more than 3.5%, at market close on Friday, March 17.