Seamec gains on overseas contract

Seamec gained 1.48% to Rs 150.50 at 12:53 IST on BSE, on bagging an order worth $19 million from Sime Darby Engineering Sdn. Bhd., Qatar for charter hire and diving operations for a period of six months with option for extension.

The company made this announcement before trading hours today, 7 March 2008.

On BSE, 15,417 shares were traded in the counter. The scrip had an average daily volume of 55,162 shares in the past one quarter.

The stock hit a high of Rs 159 and a low of Rs 145 far during the day. The stock had a 52-week high of Rs 304.70 on 31 December 2007 and a 52-week low of Rs 145.25 on 4 March 2007.

The small-cap scrip had underperformed the market over the past one month till 5 March 2008, declining 27.57% compared to the Sensex’s fall of 11.37%. It had also underperformed the market in the past one quarter, declining 33.32% compared to Sensex’s decline of 16.44%.

The company’s current equity is Rs 33.90 crore. Face value per share is Rs 10.

Seamec reported a net loss of Rs 15.88 crore in Q4 December 2007 as compared to net profit of Rs 25.86 crore in Q4 December 2006. Net sales declined 63.9% to Rs 22.26 crore in Q4 December 2007 over Q4 December 2006.

The company provides support services including marine, construction and diving services to offshore oilfields in India and abroad.