Seamec: eyes on restructuring proposal

The board of Seamec will meet on Saturday to consider a restructuring proposal between the company and HAL Offshore, an unlisted entity, which holds 69.57 per cent stake in it. Investors will closely watch the development. Seamec was initially promoted by Peerless Finance, but after a series of changes in 2001, it became a subsidiary of Technip, France. Subsequently, HAL Offshore acquired a 51 per cent stake in 2014 and increased its stake further in Seamec.