The team said Monday that the left winger has agreed to a five-year contract extension that will pay him $7 million per season and keep him with the Hurricanes through 2017-18.
Semin had spent his first seven seasons with the Washington Capitals, who drafted him in the first round in 2002, and became the fifth-leading scorer in club history but appeared to be the odd man out.
He got a fresh start over the summer when Carolina -- which was looking for an elite forward to skate alongside Eric Staal -- took a flyer on him with a one-year free agent deal worth $7 million.
At the time, general manager Jim Rutherford said it was a low-risk, high-reward deal because "we got a very talented player (and) we didn't lock in for a long period of time and then find out it's not working."
It's sure working now.
Skating alongside Staal on the Hurricanes' top line, the 29-year-old Semin has a team-best 22 assists and is second with 30 points while keeping Carolina in contention for its first playoff berth since 2009.
"We're very happy to retain Alex," Rutherford said. "Alex is an elite player and has been a major contributor to the Hurricanes having a very strong top line."
Semin has 205 goals and 233 assists during his eight-season career.