SEAMEC Share price

The Company was incorporated under the Act as Private LimitedCompany under the name of Peerless Leasing Private Ltd. on 29thDecember 1986. The name of the Company was changed to PeerlessDrive Private Ltd. on 8th July 1987 as the cempany had enteredInto a Memorandum of Understanding for a Indo-Norwegian JointVenture With Roiv Berg Drive A/S Tromso Norway. The Companybeceme a deemed public company under Sec 43A(1) ot the Act witheffect from 12th December 1988. The name was further changed tothe Peerless Shipping and Oil Fields Services Ltd. on 25thAugust 1994 vide a fresh certificate of incorporation.The agreement with Rolv Berg Drive was terminated in 1993-94 andRolv Berg Drive disinvested its holdings in favour of thePromoting Company and in favour of Commodities InternationalLtd a company incorporated under the laws of The UnitedKingdom. Termination of the agreement with Rolv Berg DrIve tcokplace due to the following reasons as per letter dated 12thJune 1992 by Rolv Berg Drive to the Promoting Company:-1. The Company was able to absorb Technology Transferred by RolvBerg Drive A/S.2. Since the company was successfully managing their own vesselPeerless Stena I Ex Drive Ocean and other ONGC owned vessels ofsimilar kind the company did not require any technicalassistance.3. Rolv Berg Drive ran into financial difficulties and wastaken over by another Norwecian Corporation.Necessary permission from RB tor the disinvestment has beenobtained and the shares have been transferred to the respectiveparties.The alliance with Rolv Berg Drive A/S was with the objective ofparticipating in the Global tenders floated by Oil and NaturalGas Commission Ltd. (ONGC) and Oil India Ltd. (OIL) for oilfield Services as it was not possible for Indian Companies toparticipate in Global Tenders without an International Jointventure or technical tie up. Association with RoIv Berg DriveA/S in the past provided the company with necessary expertiseand experience in cperation of MSV. Based on the saidexperience the company ventured into the purchase of two MSV.The Company is a subsidiary of the Promoting Company.