Seamec shares rise 4% as vessel sails for pipeline project work

Shares of Seamec Ltd. rose over 4 per cent after it said that its vessel had sailed for the commencement of the second part of the Pipeline Replacement Project. 

 

The company's stock rose as much as 4.33 per cent during the day to ₹1,066 per share, the biggest intraday rise since December 17 this year. The Seamec stock pared gains to trade 2.5 per cent higher at ₹1,049 apiece, compared to a 0.19 per cent decline in Nifty 50 as of 10:14 AM. 

 

Shares of the company snapped a two-day losing streak and currently trade at 1.6 times the average 30-day trading volume, according to Bloomberg. The counter has fallen 13 per cent this year, compared to a 10 per cent advance in the benchmark Nifty 50. Seamec has a total market capitalisation of ₹2,700.14 crore.   READ LATEST STOCK MARKET UPDATES LIVE

 

Seamec commences work on Pipeline Replacement Project 

Seamec said its vessel Seamec III has sailed to commence work on the second part of the Pipeline Replacement Project – Group A (PRP-VIII A) and the DSF II Project, with operations beginning on December 25, 2025, it said in an exchange filing. 

 

Earlier this month, the company announced it had signed a subcontract with G R Infraprojects for the charter hire of its vessel SEAMEC III. The vessel will be deployed for second-season subsea installation and diving work in ONGC’s Part Replacement Pipeline Project, Pipeline Replacement Project – Group A (PRP-VIII A), and the DSF II Project. The subcontract, valued at around $16.72 million (excluding GST), has a 150-day tenure and will be executed on a lump-sum basis.

 

Seamec (South East Asia Marine Engineering & Construction) is a leading Indian offshore services company under the MMG Group, known for its expertise in diving support vessels (DSVs), subsea intervention, and marine operations for the oil & gas sector.   ALSO READ | Castrol India up 4% after Motion JVCo, Stonepeak, & CPPIB makes open offer

Seamec Q2 results 

The company’s consolidated revenue from operations slipped 3 per cent year-on-year (Y-o-Y) to ₹107.5 crore in the September quarter of financial year 2026 (Q2FY26), as against ₹110.3 crore in the September quarter of financial year 2025 (Q2FY25). Seamec posted a net loss of ₹25.7 crore in Q2FY26, as against a profit of ₹0.2 crore in the same quarter previous year.

 

At the operating level, earnings before interest, tax, depreciation and amortisation (Ebitda) tanked 53 per cent Y-o-Y to 17.9 crore in the September quarter of FY26, from 37.9 crore in the same quarter previous fiscal year. Subsequently, Ebitda margin squeezed to 16.6 per cent in Q2FY26, as against 34.4 per cent in Q2FY25.