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About the company - Business Profile

Seamec Limited is a prominent provider of offshore oilfield support services, specifically specializing in Diving Support Vessels (DSVs) and subsea engineering solutions. The company operates as an end-to-end provider for the oil and gas industry, primarily focusing on underwater services, including diving, fire-fighting, and subsea construction. With a fleet designed for multi-functional operations, Seamec serves as a critical partner for major state-owned and private oil companies, facilitating complex subsea maintenance and EPC (Engineering, Procurement, and Construction) projects.

Key Points

• Key Facts: Founded in 1986 (originally as Peerless Leasing Pvt Ltd), the company is headquartered in Mumbai, India. It is a subsidiary of HAL Offshore Limited, which is part of the MMG Group. Seamec is listed on both the BSE and the National Stock Exchange (NSE).
• Operations and Resources: The company's core fleet includes six multi-functional Diving Support Vessels: SEAMEC II, SEAMEC III, SEAMEC PRINCESS, SEAMEC PALADIN, SEAMEC SWORDFISH, and the recently acquired SEAMEC AGASTYA. Additionally, it operates one Offshore Support Vessel (SEAMEC DIAMOND) and one Accommodation Barge (SEAMEC GLORIOUS).
• Ownership and History: Originally incorporated in 1986, the company was acquired by Coflex Stena in 1999 and became part of the Technip Group in 2001, when it was renamed Seamec. In 2014, HAL Offshore Limited acquired Seamec from the Technip Group, bringing it under the MMG Group umbrella.
• Market and Significance: Seamec holds a significant position in the Indian offshore service market, providing vital support for subsea inspections, repairs, and maintenance. Its strategic importance is underscored by its long-term contracts with ONGC and partnerships with entities like L&T.
• Business Model: The company operates on a charter-hire model, leasing its specialized vessels for offshore projects. It also undertakes turnkey EPC projects through its parent and subsidiaries. It is expanding its footprint by diversifying into tunnel construction and chemical manufacturing.
• Revenue Breakdown (FY 2024-25 Standalone):
  • Domestic Revenue: ₹61,733 Lakhs
  • Overseas Revenue: ₹5,291 Lakhs
  • Total Revenue: ₹67,024 Lakhs
• Segment Performance (PBIT FY 2024-25):
  • Domestic PBIT: ₹11,839 Lakhs
  • Overseas PBIT: ₹(2,608) Lakhs (Loss)
• Key Products and Advancements:
  • Vessel Capabilities: The fleet is equipped for deep-sea diving, subsea construction, and ROV (Remotely Operated Vehicle) support.
  • Strategic Acquisition: Completed the acquisition of Seamec Agastya (formerly NPP Nusantara) in August 2025 to strengthen the DSV fleet.
  • Tunneling: Diversified into infrastructure through Seamec Nirman Infra Limited, executing a NATM Tunnel project for the High-Speed Rail Project at Vapi.
• Major Contracts:
  • ONGC: Long-term charters for vessels like Seamec Paladin and Seamec Diamond.
  • L&T: Contract for Seamec Glorious for 150 days (commenced Nov 2025).
• Subsidiaries:
  • Seamec International FZE (UAE): Focuses on bulk carrier operations and shipping lines.
  • Seamate Shipping FZC: A step-down subsidiary operating the bulk carrier Asian Pearl.
  • Seamec Nirman Infra Limited: Joint venture for infrastructure and tunnel projects.
  • Aarey Organic Industries Pvt Ltd: Recently acquired to enter the chemical manufacturing and distribution sector.
• Strategic Initiatives: The company is currently focused on consolidating its offshore assets, including the process of acquiring the vessel Seamec Anant from its parent company to centralize all MSV operations under Seamec. Future outlook remains focused on the growing energy demand in India and expanding offshore EPC capabilities.

References

1. Annual Report May 2025
2. Annual Report May 2024
3. Investor Presentation Jan 2026
4. Investor Presentation Nov 2025