Seamec consortium bags $101 mln L&T order

The company along with consortium partner, Posh India Offshore, has received a contract from Larsen & Toubro (L&T) for diving and other associated work.

As per the deal, Seamec will deploy its vessel, "Seamec Princess" for Oil & Natural Gas Corporation (ONGC)'s pipeline replacement project VII (PRP-VII RTR).

"The detailed agreement will be made in future," Seamec said in a statement. The total combined value of the contract to consortium is $101 million.

In January 2022, L&T's wholly owned subsidiary, L&T Hydrocarbon Engineering, secured a contract from ONGC for the seventh development phase of their pipeline replacement projects (PRP-7). The contract contract involves engineering, procurement, construction, installation and commissioning of 350 kms subsea pipelines and related offshore works spread out across India's west coast offshore fields of ONGC.

Seamec provides diving support vessel (DSV) based diving services. It also provides utility services and bulk carrier services.

Seamec's consolidated net profit slumped 41.5% to Rs 40.26 crore on a 69.2% surge in net sales to Rs 109.52 crore in Q3 December 2021 over Q3 December 2020.

Shares of Seamec were flat at Rs 1368 on the BSE.

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