Seamec Limited — Others, 09-12-2024: Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

SEAMEC has instituted arbitration proceedings in London against Ships & Boats Oil Services, Egypt, due to the non-delivery of the vessel "SEA PEARL." Mr. James Clanchy has been appointed as the Sole Arbitrator, with the Statement of Claims filed on December 6, 2024. The company aims to recover USD 347,206.40 for losses incurred and, alternatively, seeks compensation estimated between USD 3.3 million and USD 4.6 million. This legal action suggests significant operational challenges, which could influence investor sentiment. A successful outcome may enhance financial health, while delays could pose potential risks.