Multibagger stock: Up 900% in 10 years! Here's why SEAMEC shares jumped 5% in early trade today

Shares of SEAMEC Limited jumped 5 per cent to hit a day's high of Rs 610.25 on BSE in early trade on Wednesday after the company announced that it would enter into Charter Hire of the company's Vessel "SEAMEC PALADIN" for ONGC contract for a period of 5 years with effect from the date of mobilization.

"Further to the above, we now write to inform you that the Company has entered into Charter Party with HAL Offshore on February 28, 2023, for charter hire of the said Vessel for ONGC contract for a period of 5 years at a charter rate of USO 35,000 per day, for marine activities," SEAMEC said.

The Vessel has completed the modification and arrived in India and is getting ready for mobilization for the ONGC contract. The total contract value for 5 years will be approximately USO 64 million, exclusive of GST. 

Notably, the small-cap stock has delivered over 900 per cent return in the last 10 years and over 209 per cent return in the last 5 years. 

Shares of SEAMEC hit a 52-week high of Rs 1,423.95 on March 30, 2022, and a 52-week low of Rs 565.95 on February 28, 2023. the stock is currently down over 59 per cent from its 52-week high. 

Seamec is a powerhouse providing niche services in the offshore Subsea segments. In 2014 SEAMEC became a subsidiary of HAL Offshore Ltd (HAL) thus a part of MM Group. The company has the largest fleet of Diving Support Vessels in the Middle East and India Region. 

SEAMEC and its Subsidiaries are engaged in the operation of Bulk Careers worldwide. It has ventured into EPC Infrastructure through a joint venture company.