breaking news Seamec to invest £1.8m to set up wholly owned subsidiaries and UK subsidiaries
Seamec entered into a subcontracting agreement with its consortium partner for a pipeline replacement project, which led to a sharp increase in its stock, last week.
Maritime services company, Seamec, said on Saturday its board had given its approval for the establishment of wholly-owned and spin-off subsidiaries of the company in the UK for the establishment of a global operations office .
The proposed name of the entity is SEAMEC UK Investments, the company said.
The company has revealed it will make an initial investment of £1.85million.
Seamec entered into a subcontracting agreement with its consortium partner for a pipeline replacement project, which led to a sharp increase in its stock, last week.
Under the terms of the agreement, Seamec will take over certain subsea installation works from the state-owned oil company Oil and Natural Gas Corporation (ONGC) on the basis of a unit price.
Founded in 1986, Mumbai-based Seamec is a ship management company that provides marine management, dive support and underwater construction. The company was listed, via an IPO, on April 19, 1995.
Shares of Seamec fell more than 3.5% on Friday and are down more than 18% so far this year.
First post: March 18, 2023 3:10 p.m. STI
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