SEAMEC Limited, a leading offshore services company, has announced an addendum to its existing charter agreement with Mermaid Subsea Services, Saudi Arabia, for the deployment of its vessel SEAMEC SWORDFISH. The company initially informed stakeholders on January 30, 2025, about the vessel’s off-hire status due to a breakdown, which prevented it from performing the originally agreed scope of work.

After detailed discussions with the charterer, SEAMEC reached an agreement to redeploy the vessel in a modified role as an Air Diving Support Vessel (ADSV), effective from February 2, 2025, to February 28, 2025. The revised charter rate for this period was finalized at USD 40,000 per day, bringing the total contract value for the revised duration to USD 1.08 million. The addendum to the BIMCO Charter Party Agreement was officially signed on February 26, 2025, with a retrospective effect to cover the service period.

Continuity of SEAMEC SWORDFISH’s Future Charter

SEAMEC also reaffirmed that its previously announced long-term deployment of SEAMEC SWORDFISH remains unchanged. As per the earlier February 5, 2025, disclosure, the vessel is scheduled to commence a 730-day firm charter with Safeen Al Behar Limited, Saudi Arabia, within the operational window of March 1, 2025, to March 30, 2025, with an option for extension.

Key Details of the Addendum Agreement:

• Parties Involved: SEAMEC Limited and Mermaid Subsea Services, Saudi Arabia.
• Purpose: Revised charter role and period for SEAMEC SWORDFISH due to prior breakdown.
• Charter Duration: February 2, 2025, to February 28, 2025.
• Charter Rate: USD 40,000 per day.
• Total Contract Value: USD 1.08 million.
• Execution Date of Addendum: February 26, 2025 (with retrospective effect).
• Business Scope: Deployment as an Air Diving Support Vessel (ADSV) operating in Saudi Arabia and the UAE.
• Related Party Transactions: SEAMEC confirmed that this agreement does not involve any related party transactions and was executed at arm’s length.

Conclusion

SEAMEC Limited continues to demonstrate its operational flexibility and commitment to service continuity by adjusting vessel deployments in response to unforeseen circumstances. The revised charter agreement with Mermaid Subsea Services ensures the efficient utilization of SEAMEC SWORDFISH, while the company remains on track for the long-term 730-day charter with Safeen Al Behar Limited.

This disclosure has been made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency and compliance with SEBI regulations.

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