Seamec seeks approval to boost related party transactions with HAL Offshore

Seamec Limited announced it will conduct a postal ballot to seek shareholder approval for increasing the monetary limit on transactions with HAL Offshore Limited, its holding company, from $30 million per annum to $50 million per annum. This enhancement will cover charter hire of vessels, diving, and allied activities for a period of five consecutive years, extending until the Annual General Meeting in 2030. This change is driven by the recent expansion of Seamec’s fleet with the acquisition of vessels like SEAMEC AGASTYA and SEAMEC ANANT, with further transactions anticipated to align with future business opportunities.

The proposed increase in the monetary cap will exceed 10% of Seamec's annual consolidated turnover, making it a material related party transaction that requires prior approval from members via an Ordinary Resolution. The company's audit committee and board of directors reviewed and recommended this proposal on September 12, 2025, emphasizing the commercial viability and best interests of the company.

Shareholders will cast their votes electronically from October 1, 2025 (9:00 AM IST) to October 30, 2025 (5:00 PM IST). The results of the postal ballot are expected to be declared by November 3, 2025. This resolution marks a pivotal step in Seamec’s operational strategy, aiming to synchronize asset utilization within the conglomerate.