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As on : 16-Mar-2026

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16-Mar-2026 10:24

SEAMEC rises after consortium wins Rs 410 crore ONGC vessel O&M contract

The contract involves operation and maintenance (O&M) services for ONGC-owned multi-support vessel Samudra Sevak for the 2026'2028 period, the company said in a regulatory filing.

The tenure of the contract is 738 days and will commence within 60 days from the date of the notification of award. The total contract value is estimated at around Rs 410.74 crore.

SEAMEC said the order has been awarded by a domestic entity and falls within the normal course of business. The company added that neither the promoter nor promoter group entities have any interest in the awarding entity, and the contract does not fall under related party transactions.

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

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

Maharatna Oil and Natural Gas Corporation is India's largest crude oil and natural gas company, contributing about 71% to the country's domestic production. The Government of India held a 58.89% stake in the company as of December 2025.

ONGC reported a 1.60% rise in standalone net profit to Rs 8,371.85 crore in Q3 FY26, compared with Rs 8,239.92 crore in Q3 FY25. However, revenue from operations declined 6.43% year-on-year to Rs 31,546.51 crore in the quarter ended 31 December 2025. The stock fell 1.45% to Rs 261.90 on the BSE.

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