Synopsis: In a contract that extends its existing relationship with India’s largest upstream oil producer, an offshore marine services company has secured a notification of award from ONGC for operation and maintenance services of a multi-support vessel, valued at Rs. 329.92, with a 698-day tenure.
Shares of the offshore and marine services entity caught investors attention after it was awarded with a fresh contract from Oil and Natural Gas Corporation (ONGC), India’s largest PSU commodities operator. The notification of order covers various services for an ONGC owned vessel.
With a Market Capitalization of Rs 3,535 crore, the shares of SEAMEC Ltd were trading at Rs1,394, down 2.10 percent from its previous close of Rs 1,421.60. It is trading at a P/E of 18.94, a premium compared to its industry P/E of 10.65.
Order Book Update
The company, in a consortium with Supreme Hydro Pvt Ltd, has been awarded the O&M contract for ONGC’s multi-support vessel Samudra Prabha for a period of 698 days. The contract is valued at Rs 329.92 crore. The consortium structure is notable. Pairing Seamec’s vessel operations expertise with Supreme Hydro’s diving and subsea capabilities suggests the scope likely extends beyond routine maintenance to include manned subsea interventions.
Business & Financials
SEAMEC Ltd operates India’s largest fleet of multi-functional offshore support vessels, providing diving services, manned and unmanned subsea operations, and related offshore activities. The company, a subsidiary of the MMG Group, has also diversified into bulk carrier shipping. For the quarter ended December 2025, Seamec reported revenue of Rs. 317 crore and a net profit of Rs. 100 crore. For FY25, the company posted revenue of Rs. 652 crore and net profit of Rs. 88 crore.
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