Home / Business and Economy / SEAMEC Agrees $43M Charter Deal with HAL Offshore
SEAMEC Agrees $43M Charter Deal with HAL Offshore
4 Dec
Summary
- SEAMEC Ltd secured a contract with HAL Offshore for vessel charter.
- The multi-support vessel will be deployed for five years.
- The four-year charter rate is set at $25,000 daily, totaling $43.07 million.
SEAMEC Ltd announced a new charter hire agreement with HAL Offshore Ltd concerning the multi-support vessel SEAMEC Agastya. This contract is for deployment under HAL Offshore's existing ONGC contract, ensuring continuous utilization of the vessel.
The financial terms of the agreement include a daily charter rate of $25,000 for the remaining four years of the charter period. This equates to a total charter value of approximately $43.07 million, inclusive of Goods and Services Tax (GST).
This transaction is recognized as a Related Party Transaction, with HAL Offshore, a major shareholder in SEAMEC, acting as the counterparty. SEAMEC assured that the deal was executed on an arm's length basis and falls within the ordinary course of business, with no special rights or conflicts disclosed.
