India's Largest Fleet Owner Company Wins USD 2.98 Million ONGC Diving Contract For PRP-VIII And DUDP Projects, With Execution Planned Over 2024-26 Season
In the last 12 months, the stock is down by 17 per cent while in longer term of 5-years the stock is up by 179 per cent.
SEAMEC Limited, a member of MMG, announced today that it has been awarded a significant Letter of Award by Oil and Natural Gas Corporation Limited (ONGC). The contract, dated May 15, 2025, is for providing diving services onboard the vessel SEAMEC PRINCESS. These services are in relation to the Pipeline Replacement Project VIII (PRP-VIII Gr. B) and the Daman Upside Development Project (DUDP) undertaken by ONGC. The total value of this Lumpsum contract is approximately USD 2.98 million, exclusive of Goods and Services Tax (GST), based on the maximum indicated quantity. The diving-related services to be provided include Jacket Face Survey, Riser Removal, Free Span Correction, and the installation of bow strings and clamps in both the PRP VIII and DUDP projects. The execution of this order is scheduled for the working season of 2024-25 and 2025-26.
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At approximately 12:10 PM IST on May 16, 2025, SEAMEC Limited's stock was trading at Rs 843.85 on the National Stock Exchange (NSE), down by 1 per cent, with an opening price of Rs 869.95. The intraday high was Rs 873.65 and the low was Rs 840.45. The market capitalisation of SEAMEC Ltd stood at Rs 2,144 crore.
The recent quarterly result of the quarter ending December 31, 2024, shows a revenue of Rs 149.34 Crore and a net loss of Rs 3.23 Crore. For the year ending March 31, 2024, the company reported a total revenue of Rs 665.57 Crore and a net profit of Rs 186.60 Crore.
SEAMEC Limited is primarily engaged in providing offshore support services, specialising in diving support vessels (DSVs) for the oil and gas industry. Their services include subsea inspection, repair, maintenance, and light construction work. Additionally, the company has expanded its operations to include bulk carrier services. SEAMEC is an ISO-certified company, adhering to international standards for quality, safety, environmental management, and occupational health and safety. In the last 12 months, the stock is down by 17 per cent while in longer term of 5-years the stock is up by 179 per cent.
Disclaimer: The article is for informational purposes only and not investment advice.