1 Min(s) Read
By Tanmay Tiwary Mar 18, 2023 4:25:04 PM IST (Updated)
Seamec entered into a subcontract agreement with its consortium partner for a pipeline replacement project, which resulted in a sharp surge in its stock, last week.
Marine services company, Seamec, on Saturday said that its board has given the approval for setting up wholly-owned and step-down subsidiaries of the company in UK for establishing a global operations office.
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The proposed name of the entity is, SEAMEC UK Investments, the company said.
The company revealed that it will make an initial investment of £1.85 million.
Seamec entered into a subcontract agreement with its consortium partner for a pipeline replacement project, which resulted in a sharp surge in its stock, last week.
Under the terms of agreement, Seamec will take up some subsea installation works of state-owned oil company Oil and Natural Gas Corporation (ONGC) on a unit rate basis.
Founded in 1986, Mumbai-based Seamec is a vessel management company that provides marine management, dive support, and subsea construction. The company got listed, via an IPO, on bourses on April 19, 1995.
Shares of Seamec fell over 3.5 percent on Friday and are down over 18 percent so far this year.
First Published: Mar 18, 2023 3:10 PM IST
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