SEAMEC Ltd(SEAMECLTD)

NSE: SEAMECLTDBSE: 526807

₹ 1,538.5-2.46%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,912 crWebsite: www.seamec.inUpdated: 24 Oct 2026

About

SEAMEC Limited is an Indian offshore marine services company. It uses a fleet of diving support and construction vessels to provide Inspection, Maintenance and Repair (IMR) and Engineering, Procurement and Construction (EPC) services to oil and gas clients, mainly ONGC. The company calls itself a leading provider of offshore oilfield services in India and abroad. It reported revenue of Rs 952.46 Cr in FY26, with 78.3% from its domestic segment and 21.7% from overseas.^[1][2][3]

Business segments

Domestic segment: 78.3% of FY26 revenue (Rs 746.07 Cr) with a 30.3% EBIT margin, vs Rs 558.74 Cr of revenue in FY25.^[3][2]
Overseas segment: 21.7% of FY26 revenue (Rs 206.39 Cr) with a 9.7% EBIT margin. Overseas revenue was Rs 122.69 Cr in FY24, and the segment made a loss of Rs 26.08 Cr in FY25.^[3][4][2]
There are two service lines. IMR contracts run all year and earn higher margins. EPC contracts are seasonal and run from October to May.^[5]

Fleet and vessel mix

As of FY25, SEAMEC owned and operated 5 Diving Support Vessels, 1 Offshore Support Vessel and 1 Accommodation Barge for subsea operations.^[2]
Active IMR vessels as of Q1 FY27: Seamec Swordfish, Seamec Agastya (acquired in FY26), Seamec Paladin and Seamec Diamond (chartered at $8,750/day as of Q4 FY26). The Seamec Anant acquisition was still pending.^[6]
EPC and construction vessels: Seamec III, Seamec Princess and Seamec Glorious. These are older, fully depreciated vessels that work only in the October to May offshore season.^[6]
Seamec II, an older diving support vessel, is on a 180-day charter with G R Infraprojects Ltd worth USD 19.02 million for ONGC's PRP-8A and DSF 2 subsea installation projects.^[7]
The bulk carrier Seamec Gallant is being sold as part of an exit from bulk carriers, which are not core to the business. Board and shareholder approvals were received, and completion was expected in September 2026.^[6]

Key operating numbers

In Q1 FY27, vessels were deployed for 110 more days than in Q1 FY26.^[6]
Vessel utilisation was about 100% in FY26, excluding scheduled dry dock and off-hire periods.^[8]
Contract mix in Q1 FY27: 35 - 40% short-term and 60 - 65% long-term.^[6]
Day rates: Seamec Agastya earns USD 25,000/day on a 4-year ONGC contract. Seamec Anant is contracted at USD 45,000/day on a 4-year ONGC contract once deployed.^[9]

Customers and distribution

The largest customer (Customer A) made up 48.02% of revenue in FY25, down from 54.37% in FY24. The second-largest made up 28.81% in FY24.^[2][4]
The main customer is ONGC, which employs most of the fleet on multi-year IMR and operation and maintenance (O&M) contracts. International work was 10 - 15% of FY26 revenue.^[8]
ONGC awarded O&M contracts for MSV Samudra Prabha and MSV Samudra Sevak for 2026 - 2028, to a consortium with Supreme Hydro Pvt. Ltd. (10% share).^[8]
SEAMEC has qualified with Saudi Aramco, and one vessel had worked for Aramco for about a year as of Q4 FY26. Inquiries from Saudi Arabia, Qatar and Abu Dhabi have increased.^[8]
L&T, a domestic client other than ONGC, chartered Seamec Glorious for 150 days of Mumbai High and Western Offshore work starting November 2025.^[9]

Operations and service capabilities

Newly acquired, high-value vessels go to year-round IMR contracts first. Only two older, fully depreciated vessels remain on seasonal EPC work (as of Q3 FY26).^[5]
SEAMEC completed a turnkey revamp of ONGC's NLM9 platform using MV Goodman, a vessel it chartered from HAL Offshore. The job added INR 22 crores to Q3 FY26 revenue.^[5]
All new contracts are bid through the SEAMEC entity. HAL Offshore's older contracts will run down as they expire.^[5]
As of FY24, the bulk carriers had been moved under overseas subsidiaries, with one transferred to the wholly owned subsidiary in Dubai.^[4]

Expansion and capex

Seamec Anant is being bought from HAL Offshore for USD 70 million, funded half from internal funds and half from debt. Completion was targeted for end-August 2026, and its ONGC IMR contract is to resume in Q3 FY27.^[6]
Under an MoU with DG Shipping, SEAMEC commits to invest INR 1,000 crores in vessel acquisitions over about two years. Seamec Anant is the first purchase under it.^[6]
SEAMEC bought the offshore support vessel SEAMEC DIAMOND in FY24 and had started adding offshore support vessels and an accommodation barge by FY25.^[4][2]
As of Q1 FY27, management targets 15 - 20% revenue CAGR over the next 3 - 5 years through FY31.^[6]

Recent developments

30 Sep 2026: Seamec II signed a USD 19.02 million charter with G R Infraprojects Ltd for subsea installation work on ONGC's PRP-8A and DSF 2 projects, for 180 days with an option to extend.^[7]
Q1 FY27: Seamec Paladin was stuck in a Dubai dry dock after the Middle East conflict closed the Strait of Hormuz. It earned no revenue while bearing full costs, and it resumed contract work entering Q2 FY27.^[6]
January 2026: Seamec Agastya finished dry dock in Colombo and began ONGC operations through HAL Offshore.^[5]
The government's age limits on vessels, including in ONGC tenders, put older vessels at risk. The FY24 and FY25 annual reports say older vessels will be phased out and replaced.^[4][2]
The government's Samudra Manthan policy carries INR 84,084 crore of government spending through FY31, with a 50% subsidy on eligible exploration costs.^[6]

Market Cap

₹3,912 Cr

High / Low

₹1,845 / 774

Stock P/E

16.6

Price / Book

3.3

Book Value

₹512

EPS

₹98.9

No. of Shares

2.54 Cr

ROCE

19.8%

ROE

21.8%

OPM

29.0%

Debt / Equity

0.25

Sales

₹952 Cr

Net Profit

₹254 Cr

Promoter holding

72.7%

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SEAMEC Ltd(SEAMECLTD)

About

Business segments

Fleet and vessel mix

Key operating numbers

Customers and distribution

Operations and service capabilities

Expansion and capex

Recent developments

Signal history

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