SEAMEC Charter Hire Contract Analyzed
SEAMEC, a marine contracting company, has signed an agreement to lease its barge, the SEAMEC GLORIOUS, to the Oil and Natural Gas Corporation (ONGC) for work around the Mumbai High and West Coast Offshore areas. This contract focuses on providing services like housing for workers and setting up equipment for oil and gas projects. The agreement’s worth is significant – approximately 288.5 million rupees, before taxes.
- SEAMEC’s GLORIOUS barge is hired for ONGC projects.
- Contract covers offshore accommodation and hook-up services.
- Duration is 150 days, with a potential extension.
- Total contract value: Rs. 288.5 million (no GST).
- Work will occur in Mumbai High and West Coast.
- This agreement strengthens SEAMEC’s position in offshore projects.
Project Details
The charter agreement is scheduled to begin between October 1st and October 30th, 2025. This gives SEAMEC and ONGC time to finalize logistics and ensure a smooth start. The 150-day timeframe is the initial commitment, but options exist to extend the charter if needed.
The total cost of this agreement is Rs. 28,85,62,500. This figure is the base cost, without including any Goods and Services Tax (GST). ONGC will likely add the GST at the end of the contract.
This key contract represents a strategic alliance with a major energy player.
