SEAMEC stock jumps 5% after signing $43 million contract with HAL Offshore

Synopsis:
The shares of this marine services company were in the news today following the announcement of the company signing a contract of USD 43.07 million with HAL Offshore for its Multi Support Vessel, SEAMEC AGASTYA. 

This company, which owns and operates multi-support vessels for the provision of diving services, manned and unmanned subsea operations, and related activities, had its shares in momentum today following the news of a contract being signed for one of its vessels with HAL Offshore.

With a market cap of Rs 2,575 crore, the shares of SEAMEC Ltd gained 5.25 percent, reaching a high of Rs 1,022 in today’s trading session when compared to its previous day’s closing price of Rs 970.70. The shares are trading at a PE of 29.3, whereas the industry PE is at 12.7

About the Contract

SEAMEC has signed a fresh contract with HAL Offshore Limited to charter out its Multi Support Vessel, SEAMEC AGASTYA (earlier known as NPP Nusantara). Once the vessel completes its statutory dry-docking, it will be deployed under HAL’s ongoing ONGC project for a five-year period. This ensures that the vessel remains actively utilized and gives SEAMEC a clear, long-term operational pipeline.

The commercial terms highlight the scale of the engagement. SEAMEC will earn a daily charter rate of USD 25,000, and the total value of the four-year balance period works out to about USD 43.07 million. Such a long-term, fixed-rate contract not only strengthens revenue visibility but also supports steady cash flows through the duration of the deployment.

Since HAL Offshore Limited owns 70.77% of SEAMEC, the arrangement falls under a related party transaction, but the company has confirmed that it is being carried out on an arm’s length basis and in the normal course of business. This contract deepens SEAMEC’s alignment with its promoter while maintaining full compliance and transparency, and it reinforces the company’s position in the offshore services ecosystem.

Financials and more

The revenue from operations stands at Rs 88 crore in Q2 FY25 and Rs 97 crore in Q2 FY26, showcasing a YoY rise of 10.22%. The profits also fell from Rs 0 crore in Q2 FY25 to an Rs 26 crore loss in Q2 FY26.

SEAMEC’s client list highlights how deeply trusted the company is across both offshore and marine transport industries. In oilfield services, it works with major names like ONGC, L&T Hydrocarbon Engineering, POSH, Mermaid, James Fisher & Sons, and Kreuz Subsea, all companies that handle complex offshore projects where reliability and technical capability are essential. On the bulk carrier side, SEAMEC partners with well-recognised global players such as United Marine, Clipper, and Eagle Bulk, showing that its expertise extends well beyond oilfield operations. This mix of strong domestic and international clients reflects the company’s long-standing reputation and its ability to deliver consistently across different segments of the marine services industry.

SEAMEC Limited is a well-established offshore services company known for its fleet of Diving Support Vessels (DSVs) and Offshore Support Vessels (OSVs), which are used for a wide range of underwater and offshore operations. With 6 DSVs, an OSV, and an accommodation barge, the company has built a strong presence in both Indian and international waters. Over the years, SEAMEC has also expanded into new areas through its subsidiaries, which are managing bulk carrier ships, taking on tunnel construction and EPC work, and even exploring business opportunities in the UK. This diversification, combined with multiple ISO certifications and a focus on high safety and quality standards, has helped SEAMEC evolve from a pure offshore player into a broader marine and infrastructure services company with a steadily growing footprint.

Written by Leon Mendonca

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