Shares of marine services firm Seamec Ltd closed 15.67% higher at Rs 794.55 on Friday after the company announced it had entered into a subcontract agreement with its consortium partners for the pipeline replacement project.

Shares of the shipping company have risen 32% over the past two sessions. The S&P BSE Sensex was down 1.2% at 59,088 at 2:19 pm. It rebounded 40% from a 52-week low of Rs 565.95 on February 28.

Under the agreement, Seamec will undertake part of the subsea installation work for state-owned oil company Oil and Gas Corporation (ONGC) on a unit price basis.

The total value of the above contract is approximately Rs 80.77 crore. The contract value is estimated at the maximum specified quantity for the scope of work. The contract will run for two work seasons until May 2024.

In the December quarter, Seamec posted a consolidated net profit of Rs 1.77 crore, a sharp drop of 104.4% year-on-year from Rs 40.26 crore a year earlier.

Also, its consolidated net sales fell 8.07% to Rs 100.68 crore, compared to Rs 109.5 crore a year earlier.

Seamec posted an EBITDA of Rs 21.33 crore in the December quarter, 66.87% lower than Rs 64.38 crore in the same period last year.