Seamec gains on securing $16.72 mn ONGC contract

Seamec rallied 2.90% to Rs 1,042.85 after the company, through its subcontractor G R Infraprojects, secured a contract from Oil and Natural Gas Corporation (ONGC) for the charter hire of vessel "Seamec III".

The vessel will be used for second season subsea installation and diving works in the part replacement pipeline project (PRP-VIII A) and DSF II project.

The lumpsum subcontract has a tenure of 150 days and is valued at approximately $16.72 million, exclusive of GST. The order was awarded by a domestic entity in the normal course of business, with no promoter interest in ONGC.

The contract does not fall under related party transactions.

Seamec operates in two distinct verticals of the shipping business - 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.

GR Infraprojects is engaged in construction of infrastructure facilities on engineering, procurement and construction (EPC) and built, operate and transfer (BOT) basis. Shares of GR Infraprojects rose 0.75% to Rs 1,011.20 on the BSE.

Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held a 58.89% stake in ONGC as of 30 September 2025.

Shares of Oil and Natural Gas Corporation rose 0.38% to Rs 239.38 on the BSE.

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