South East Asia Marine Engg

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South East Asia Marine Engg was established in 1996 as Peerless Shipping. It owns three offshore vessels that are charter to ONGC and Oil India Limited for oilfield maintenance and support services.

SEAMAC is also a 78.24 percent subsidiary of Coflexip Stena Offshore (Mauritius) Limited.

South East Asia Marine Engg is basically involved in the inspection of under-water structures and is engaged in sub-sea engineering. It also operates multi-purpose support vessels for diving; providing underwater /sub-sea maintenance, construction, support services for offshore oil and gas installations and other industries located abroad and within the country.

The performance of SEAMEC financial has not been reflecting much growth in the industry. However, trends are improving with the acquisition by TECHNIP.

SEAMEC sales and profit figures though the years are as follows:
  • FY ended December 2004: Sales- ` 112.28 crores, Net Profit- ` 42.10 crores
  • FY ended December 2005: Sales- ` 88.51 crores, Net Profit- ` 19.33 crores

Some further developments at SEAMEC:
  • With one of its vessels, SEAMAC III, it entered into contract with Iranian Offshore Engineering & Construction (IOEC) w.e.f March 06, 2006.
  • SEAMEC II was engaged with Condux SA de CV Protexa since July 2006
  • SEAMEC I was under contract with Dolphin Offshore Enterprises since August 2005
SEAMAC saw in the first quarter of this year (ended March 2007) a growth record of 107.9 percent resulting in revenue of ` 56.1 crores.

South East Asia Marine Engg has excelled in its endeavor in the sea vessels field and is looking forward to a greater impact for the coming year 2008.

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Last Updated on 06th June 2011

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