Smallcap stock jumps 4% after signing contract with Saudi-based Co. for charter hire service

A leading marine engineering and offshore support services company has secured a significant contract in Saudi Arabia, demonstrating its continued growth and strategic market positioning. The newly awarded charter agreement highlights the firm’s robust operational capabilities and potential for expanding international business opportunities in the dynamic maritime sector.

Share Price Movement 

The share price of SEAMEC Limited went up by 4.25 percent to Rs. 1,166.95 per share on Monday, an increase from its previous close of Rs. 1,119.35 per share. The market capitalisation now stands at approximately Rs. 2,936 crore as of December 16, 2024.

What Happened 

SEAMEC has signed a contract with Mermaid Subsea Services in Saudi Arabia for charter hire of the vessel “SEAMEC SWORDFISH” for 50 days, with an option to extend. The contract value is USD 3.46 million, and it will begin between December 16th to 23rd, 2024.

Q2 Financial Highlights

According to its recent filing, in the quarter ending September 2024, SEAMEC’s consolidated revenue from operations has increased by 4 percent YOY from Rs. 84.43 crore in Q2 FY24 to Rs. 87.87 crore in Q2 FY25 and declined by 59.1 percent QoQ from Rs. 215 crore in Q4 FY24. 

The company’s consolidated net loss has gone from a loss of Rs. 14.5 crore in Q2 FY24 to a profit of Rs. 0.16 crore in Q2 FY25. As compared to the last quarter of 2025, the company’s net profit has declined by 99.67 percent QoQ from Rs. 64 crore.

Market Outlook 

The oil and gas industry outlook focuses on maintaining capital discipline and prioritising low-carbon projects to address changing energy demands. The industry is dealing with underinvestment and supply disruptions exacerbated by geopolitical tensions and trade challenges. In the Asia Pacific, particularly in China and India, natural gas demand remains strong, driven by economic growth and infrastructure development. The future growth of the sector will depend on policy support, infrastructure projects, and the affordability of imported gas, making it an attractive investment opportunity despite challenges.

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Shareholding Pattern

As of the September 2024 shareholding pattern, SEAMEC Limited is primarily held by the promoters at 72.31 percent, foreign institutional investors hold 4.08 percent, and the public with 17.37 percent.

About Company 

Seamec Limited is a leading player in the offshore oil field services industry, known for offering Diving Support Vessels (DSVs) and related services. Established in 1986 as Peerless Leasing Pvt Ltd, the company has evolved significantly, becoming a subsidiary of HAL Offshore Ltd in 2014 under the MM Agrawal Group. Headquartered in Mumbai, India, Seamec operates across domestic and international markets, making it a key player globally.

Seamec operates a versatile fleet comprising five diving support vessels: SEAMEC II, SEAMEC III, SEAMEC PRINCESS, SEAMEC PALADIN, and SEAMEC SWORDFISH, along with one offshore support vessel (OSV) named SEAMEC DIAMOND and one accommodation barge, SEAMEC GLORIOUS.

Their services include specialised diving operations, light construction support, marine logistics, and EPC infrastructure services through joint ventures. The company also collaborates with international partners like Technip and Rompetrol to enhance its technical capabilities and expand service offerings.

Seamec Limited continues to distinguish itself as a prominent provider of offshore support services, with a broad fleet and a wealth of expertise. By forming strategic alliances and investing in fleet expansion, Seamec is well-positioned to meet the evolving demands of the offshore industry and pursue growth opportunities both domestically and internationally.

Written By Fazal Ul Vahab C H

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