SEAMEC Shares Jump After Rs 411-Crore ONGC Contract for Samudra Sevak Vessel Operations

Marine services firm SEAMEC Ltd saw its shares rise after announcing that a consortium with Supreme Hydro Engineering has secured a major offshore services contract from Oil and Natural Gas Corporation (ONGC).

The contract involves providing operation and maintenance (O&M) services for ONGC’s multi-support vessel Samudra Sevak, marking another significant order for the offshore services provider as it rides a strong financial recovery and expanding order book.

According to the company’s regulatory filing, the contract, worth approximately ₹410.74 crore, will run for 738 days and is expected to commence within 60 days from the notification of award.

What Does the ₹411-Crore ONGC Contract Involve?

SEAMEC said a consortium comprising SEAMEC Ltd and Supreme Hydro Private Ltd has received the notification of award for providing operation and maintenance services for the ONGC-owned multipurpose support vessel Samudra Sevak.

The notification of award was issued on March 13, 2026, for hiring O&M services for the vessel for the 2026–2028 period. The total contract value is around ₹410.74 crore, inclusive of GST, with the tenure fixed at 738 days from the commencement date.

The company clarified that the order has been awarded by a domestic entity in the normal course of business. SEAMEC also noted that neither the promoter nor the promoter group entities have any interest in ONGC and that the contract does not fall under related party transactions.

How Does This Fit Into SEAMEC’s Expanding Offshore Work Portfolio?

SEAMEC provides offshore support services and undertakes operations through diving support vessels owned and operated by the company. Its subsidiary companies also own and operate bulk carriers.

The company has also been active in securing specialised offshore work. In December last year, SEAMEC announced it had issued a letter of award to Adsun Offshore Diving Contractors Pvt Ltd for providing diving-related services onboard the vessel Seamec III.

The project involves work related to ONGC’s pipeline infrastructure, including the part replacement pipeline project, pipeline replacement project – Group A (PRP-VIII A), and the DSF II project.

The contract, valued at about $3.25 million, excluding GST, covers activities such as jacket face riser survey, riser removal, installation of crossings, free span corrections, bow string installation and clamps. The work is scheduled to be executed during the 2025–26 working season.

SEAMEC also confirmed that neither its promoter group nor group companies have any interest in Adsun Offshore.

What Do SEAMEC’s Financials Reveal About Its Turnaround?

The contract win comes at a time when SEAMEC has posted a sharp financial turnaround.

The company reported a consolidated net profit of ₹99.62 crore in Q3 FY26, compared with a net loss of ₹3.32 crore in Q3 FY25. Revenue from operations surged 112.30 percent year-on-year to ₹317.05 crore during the quarter.

Meanwhile, ONGC, the country’s largest crude oil and natural gas producer, continues to play a central role in India’s energy sector, contributing about 71 percent to domestic production. As of December 2025, the Government of India held a 58.89 percent stake in the company.

For the quarter ending December 31, 2025, ONGC had reported a 1.60 percent rise in standalone net profit to ₹8,371.85 crore compared with ₹8,239.92 crore a year earlier. However, revenue from operations declined 6.43 percent year-on-year to ₹31,546.51 crore.

Despite the contract news, ONGC’s stock slipped 1.45 percent to ₹261.90 on the BSE, while shares of SEAMEC ended at ₹1,331.90, down by ₹3.35 or 0.25 percent on March 13.

How did Sensex, Nifty open on March 16?

Domestic equity markets on Monday continued to remain under pressure morning as both benchmark indices opened lower amid sustained foreign portfolio investor (FPI) selling and rising global uncertainty triggered by the Middle East crisis.

The Nifty 50 index opened at 23,116.10 with a decline of 35 points or 0.15 per cent, while the BSE Sensex opened at 74,415.79, falling by 148.13 points or 0.20 per cent.

Market experts noted that geopolitical tensions and persistent foreign investor outflows are weighing on investor sentiment.

Ajay Bagga, Banking and Market Expert, told ANI that India is currently navigating a complex diplomatic situation while global macro conditions continue to affect domestic markets.

"India is playing a masterful--if stressful--diplomatic game. While the Strait is 'shut' to some, three Indian tankers (including LPG carriers) were granted safe passage. This confirms New Delhi's unique position: able to talk to both the Trump administration and Tehran. However, the 'Macro' is punishing the 'Micro'. Foreign Portfolio Investors are voting with their feet. They have dumped a massive Rs 54,000 crore in March alone. FPIs continue to be positioned deeply net short on index futures. They aren't just selling; they are actively betting on a deeper correction. The level is hovering around 23,240, signaling that the Indian indices will likely struggle to find buyers until the 'Super Week' central bank commentary provides some clarity," he said.

Meanwhile, global commodity prices also remained elevated. Brent crude prices have been rising steadily compared to last week's closing levels and are currently trading at USD 104 per barrel.

Precious metals also remained on the higher side. Gold prices moderated marginally in Monday's opening but were still high at Rs 158,400 per 10 grams for 24 karat gold. Silver prices, however, declined sharply by 3.24 per cent in Monday's opening to Rs 259,279 per kilogram.

Foreign portfolio investor selling has remained persistent throughout the month. FPIs have been net sellers on all trading days in March so far. The total FPI selling through exchanges till March 13 stood at Rs 54,455 crore.

Sunil Gurjar, SEBI-registered analyst and Founder of Alphamojo Financial Services, said the Nifty 50 index is witnessing strong technical weakness.

"Nifty 50 witnessed strong selling pressure this week, recording its worst weekly performance in four years. Technically, the index has breached a crucial support level, indicating increasing bearish momentum. If it sustains below this level, further downside may follow, while any pullback could face resistance near the previously broken support," he said.

(With inputs from ANI)