Stock jumps 7% after receiving $16.72 million contract from GR Infraprojects

Synopsis: The shares of this marine services company skyrocketed up to 7% today following the announcement of the company signing a contract of USD 16.72 million with G R Infraprojects Limited for vessel SEAMEC III to support subsea installation and more.

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 awarded contract for the hire of a sea vessel called “SEAMEC III”, which will be used in subsea installation and operations. 

With a market cap of Rs 2,695 crore, the shares of SEAMEC Ltd gained about 7 per cent, reaching a high of Rs 1,083 in today’s trading session when compared to its previous day’s closing price of Rs 1,013.45. The shares are trading at a PE of 31, whereas the industry PE is at 12.8

About the Contract

SEAMEC Limited has added a meaningful new project to its order book through a subcontract awarded by G R Infraprojects Limited. Under this agreement, the company will deploy its vessel SEAMEC III to support subsea installation and diving operations for multiple ONGC projects, including the Part Replacement Pipeline Project, Pipeline Replacement Project – Group A (PRP-VIII A) and the DSF II Project. This aligns perfectly with SEAMEC’s core strength in offshore marine services and reinforces its role in supporting India’s energy infrastructure.

The subcontract comes with a 150-day execution window and carries a total value of USD 16.72 million, making it a high-value assignment within a relatively short duration. The order has been awarded by a domestic, non-related party and falls under the company’s normal course of business. This ensures regulatory clarity and positions the contract as a clean, commercially driven engagement.

Securing this order enables SEAMEC to enhance utilisation of SEAMEC III while continuing its long-standing involvement in ONGC-linked subsea and pipeline projects. The project not only boosts near-term revenue visibility but also strengthens the company’s reputation as a reliable provider of specialised subsea and diving services. For SEAMEC, this award underscores its ability to consistently win meaningful offshore work and maintain relevance in the broader marine and energy 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. 

Written by Leon Mendonca

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