SEAMEC postal ballot: SEAMEC GALLANT sale for $9.5m

What SEAMEC has put to shareholders

SEAMEC Limited has initiated a postal ballot to seek shareholder approval for the proposed sale of the vessel SEAMEC GALLANT. The vessel is owned by SEAMEC’s wholly owned subsidiary, SEAMEC International FZE, and is proposed to be sold to Bo Yuan Han Limited for a gross consideration of USD 9.5 million.

The company has moved the proposal through a shareholder voting process rather than a physical meeting, using remote e-voting as the primary mechanism. For investors, the key point is that the sale is being treated as a material transaction at the subsidiary level, which triggers a specific approval threshold under the company’s governance and regulatory framework.

Why the company needs a Special Resolution

SEAMEC has stated that the transaction requires a Special Resolution because the asset proposed to be sold exceeds 20% of the material subsidiary’s total assets. In practice, this means the sale crosses a materiality threshold, and therefore needs a higher level of shareholder consent than routine business decisions.

This disclosure frames the sale as significant in the context of the subsidiary’s balance sheet. It also sets a clear compliance trail for the transaction process, including a defined voting calendar and an announced date by which results will be declared.

Postal ballot timetable and eligibility

The company has provided a clear timeline for participation. Shareholders registered on the books of the company as of the cut-off date, Friday, July 10, 2026, are eligible to vote.

The remote e-voting window has been opened for nearly a month. SEAMEC has specified that votes must be cast within the stated period to be considered valid. The results of the postal ballot are expected to be declared on or before Tuesday, August 18, 2026.

E-voting window: start and end times

SEAMEC has also disclosed specific start and end times for the e-voting period:

• Commencement: Friday, July 17, 2026 at 09:00 hours IST
• Conclusion: Saturday, August 15, 2026 at 17:00 hours IST

This timeline is important for shareholders who need to ensure their vote is recorded. It also provides a defined decision window for the company to proceed with the asset sale upon completion of the postal ballot process.

Key deal details at a glance

How the sale fits into SEAMEC’s broader vessel strategy

Alongside the planned sale of SEAMEC GALLANT, the company has also disclosed that it is in the process of adding vessels to keep marine support vessels under SEAMEC’s fold. Specifically, SEAMEC has stated it is in the process of acquiring SEAMEC ANANT from HAL Offshore Limited (described as the parent company in the provided material).

In addition, SEAMEC referenced a second vessel, NPP NUSANTARA, which was associated with SEAMEC International FZE. The subsidiary had entered into a Memorandum of Agreement with PT Nusa Permasa Permai, Indonesia for the purchase of NPP NUSANTARA, and the subsidiary nominated SEAMEC Limited to be the buying entity. SEAMEC has said the acquisition process is underway.

The SEAMEC ANANT proposal and related party context

A separate disclosure dated June 3, 2025 stated that SEAMEC’s board considered and approved the purchase of vessel SEAMEC ANANT from HAL Offshore Limited at a price of USD 70 million, subject to shareholder approval. The same disclosure stated that upon shareholder approval, SEAMEC would charter the vessel to HAL Offshore Limited at a day rate of USD 45,000 for marine activities, and that the transactions would be related party transactions.

The postal ballot agenda referenced two items in that earlier process: approval for the vessel purchase and a material modification to the related party transaction limits with HAL Offshore Limited, including enhancing monetary capping limits from USD 30 million p.a to USD 60 million p.a (as stated in the provided text).

Capex, funding mix, and balance sheet disclosures

The provided material also included details on vessel acquisition funding. It stated the total acquisition cost for Nusantara and Anant is approximately USD 93 million, funded through a combination of debt and internal resources. It also stated the company has nearly zero net debt, supported by a treasury of about INR 3.33 bn and INR 1.4 bn in cash.

On funding structure, the material described a 50/50 debt-to-equity split for acquisitions. It also noted INR 1.5 bn of debt was taken for Nusantara and a INR 3 bn loan was proposed for Anant, resulting in total new debt of about INR 4.5 bn in FY26E.

Operating context: day rates referenced in disclosures

The material also gave examples of day rates across vessels and geographies. It stated that the internationally deployed Swordfish commands a day rate of approximately USD 80,000, while vessels like Paladin, Anant, and Nusantara operating in India earn around USD 35,000 per day. These numbers were presented as examples of market pricing and deployment context.

Separately, SEAMEC’s management commentary in the provided text indicated that the company expected SEAMEC Anant to be deployed in Q1 FY’27, and that the acquisition was expected to be completed within the financial year, following required approvals.

What to watch next

For the SEAMEC GALLANT transaction, the next clear milestone is the completion of the e-voting period and the declaration of results on or before August 18, 2026. If shareholders approve the Special Resolution, the company can proceed with the proposed sale to Bo Yuan Han Limited.

In parallel, investors tracking SEAMEC’s fleet actions may also watch for updates on the acquisition processes for SEAMEC ANANT and NPP NUSANTARA, given the previously disclosed purchase price, related party nature of ANANT, and the funding approach described for acquisitions.

Conclusion

SEAMEC’s postal ballot seeks shareholder approval for the sale of SEAMEC GALLANT by its wholly owned subsidiary to Bo Yuan Han Limited for USD 9.5 million, with voting open from July 17 to August 15, 2026 and results due by August 18, 2026. The transaction is being routed through a Special Resolution because it crosses a material asset threshold at the subsidiary level. The company’s other disclosed vessel actions, including ongoing acquisition processes for SEAMEC ANANT and NPP NUSANTARA, provide the broader context in which this asset sale is being proposed.