SEAMEC Limited is a leading provider of oilfield services and diving support vessels (DSV) in India and abroad. The Company operates multi-support vessels for providing support services including marine, construction, and diving services to offshore oilfields and bulk carrier vessels for providing bulk carrier services. The company owns the largest fleet of multi-functional vessels in India, establishing itself as a prominent player in the offshore marine engineering sector.
SEAMEC Limited was erstwhile incorporated as 'Peerless Shipping & Oilfield Services Limited' in 1986. The name of the Company was thereafter changed to South East Asia Marine Engineering & Construction Limited in 2000 and further was changed to SEAMEC Limited in 2007. The company is promoted by Peerless General Finance & Investment Company, the flagship of the Peerless Group, and has established itself as a reputed name in the offshore shipping industry.
The company has undergone significant transformation through strategic acquisitions and ownership changes. With the acquisition of 51% shares by HAL Offshore Limited, the Company became a subsidiary of HAL Offshore Limited during the year 2013-14. SEAMEC Limited, a subsidiary of MMG Group, operates in offshore and marine services, providing comprehensive solutions through its diversified fleet operations.
SEAMEC Ltd owns and operates 4 multi-support vessels for the provision of diving services, manned and unmanned subsea operations, and related activities. It has also diversified into the main fleet shipping vertical by acquiring 3 bulk carriers of various sizes. The total fleet strength of the Company during the year 2024 was 8 (eight), comprising of 5 (five) Multi Support Vessels (MSVs), 1 (one) Barge, 1 (one) Bulk Carrier, and 1 (one) Offshore Support Vessel (OSV).
The company's marine offshore division capabilities include inspection/work class ROV operation support, inspection and maintenance of single buoy moorings, and removal and re-installation of single buoy moorings. Its offshore fleets include SEAMEC II, SEAMEC III, SEAMEC PRINCESS, SEAMEC PALADIN, and SUBTECH SWORDFISH, which are multi-support, multi-functional DSVs.
The company has strategically expanded its operations through acquisitions and partnerships. In 2017, the Company diversified into the main fleet shipping business, acquiring a vessel portfolio of four bulk carriers through their subsidiaries that facilitate marine transportation of various dry-bulk materials, including food staples, commodities, industrial products, and scrap. The Board of Directors of the Company in its meeting held on March 28, 2022, approved a Scheme of Arrangement for Demerger of Marine, EPC, and Other Ancillary Business of HAL Offshore Ltd (Demerged Company) into Seamec Limited (the Resulting Company), effective from April 01, 2023.
The company currently has a market capitalization of ₹2,145 crore. The current stock price is ₹844, with a 52-week high/low of ₹1,670/780. The stock P/E is 26.6, book value is ₹396, and dividend yield is 0.12%.
On a consolidated basis, SEAMEC Ltd reported a profit of Rs 41.02 crore on a total income of Rs 209.78 crore for the quarter ended 2025. For the year ended 2024, SEAMEC Ltd had posted a profit of Rs 120.65 crore on a total income of Rs 729.29 crore.
SEAMEC Ltd's net profit fell -18.4% compared to the same period last year to ₹42.98 crore in Q4 FY2024-2025. However, the company showed resilience with a 1394.58% quarterly growth in net profits compared to the previous quarter.
• Market Capitalization: ₹2,145 crore (as of recent data)
• Current Stock Price: ₹844
• 52-Week High/Low: ₹1,670/780
• Stock P/E: 26.6
• Book Value: ₹396
• Dividend Yield: 0.12%
• Q4 FY2024-25 Performance: Profit of ₹42.98 crore
• FY2023-24 Performance: Profit of ₹120.65 crore, Total Income of ₹729.29 crore
• Revenue: ₹652 crore
• Profit: ₹87.9 crore
• Return on Equity (last 3 years): 8.80%
• Dividend Payout (last 3 years): 0.71% of profits
• Promoter Holding: 72.31% (as of March 2025)
SEAMEC has secured several significant contracts that demonstrate its strong market position. SEAMEC was awarded a ₹392 crore ONGC contract for offshore platform repairs, with execution expected in 90 days from October 2025. Larsen and Toubro (L&T Energy Hydrocarbon Div) has awarded a Letter of Award (LOA) for ONGC/DUDP & PRPVIII/LOA/PIOPL-SL/01 - Subsea Installation Works for DUDP & PRPVIII (including MUT scope) Projects of ONGC to the Consortium of SEAMEC and Posh India Offshore.
The charter hire contract for the vessel SEAMEC II has been extended until February 2, 2026, by ONGC. Additionally, the total value for the firm period of certain charter arrangements is $57.40 million.
The shareholding pattern of SEAMEC Ltd is as follows:
• Promoters: 72.31% (as of March 2025)
• Institutions: 9.70%
• Public: 17.99%
Promoter holding in SEAMEC Ltd has remained consistent at 72.31% from June 2024 to March 2025.
The management remains optimistic about the offshore services market, particularly in subsea inspection and maintenance, and is actively pursuing strategic partnerships and vessel acquisitions to enhance operational capacity. The company operates in two distinct business verticals: offshore support vessels & services and bulk carrier charter business. The company owns six vessels and one barge in the offshore support business, wherein the vessels are deployed in the domestic and international market.
Despite facing challenges such as reduced deployment during the monsoon season, the company is focused on stabilizing performance through full-year contracts and improving working capital management. The company's strategic positioning as India's largest fleet operator of multi-functional vessels, combined with its diversified service offerings and strong client relationships, particularly with ONGC, positions it well for future growth in the offshore marine services sector.
