Seamec, Posh India Offshore sign contract with Larsen & Toubro to deploy Seamec Princess

Seamec and its consortium partner, Posh India Offshore has entered into an deal with Larsen & Toubro for diving related and other associated work through deployment of its vessel, Seamec Princess, for ONGC work of Pipeline Replacement project VII.

The total combined value of the contract to consortium is $101,007,325 exclusive of GST. The detailed agreement will be made in future, the company further stated.

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 advanced 2.48% to close at Rs 1,367.70 on BSE. Seamec is the region's leading provider of diving support vessel (DSV) based diving services. It also provides utility services and bulk carrier services.

Larsen & Toubro, the EPC major's consolidated net profit fell 16.70% to Rs 2,054.74 crore on 11.14% increase in net sales to Rs 39,562.92 crore in Q3 FY22 over Q3 FY21.

The scrip rose 0.23% to end at Rs 1,830.40 on BSE. L&T is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide.

The state-run oil major's consolidated net profit surged 334.12% to Rs 10,931.61 crore on 45.27% rise in net sales to Rs 1,45,685.58 crore in Q3 December 2021 over Q3 December 2020.

Shares of Oil & Natural Gas Corporation (ONGC) gained 1.21% to close at 170.85 on BSE. ONGC is India's largest integrated oil and gas company. ONGC is 60.41% owned by the Government of India as of 31 December 2021.

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