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Seamec-led consortium secures Rs 410-cr ONGC contract for vessel O&M

14-Mar-26 13:01 Hrs IST

The contract involves hiring of operation and maintenance (O&M) services for ONGC-owned multi-support vessel Samudra Sevak for the period 2026'2028, 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 also clarified 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. It undertakes support services through Diving Support Vessels (DSVs). These vessels are owned and operated by Seamec. The company's subsidiary companies own and operates bulk carriers. The company reported consolidated net profit of Rs 99.62 crore in Q3 FY26 as against net loss of Rs 3.32 crore in Q3 FY25. Revenue from operations jumped 112.30% year on year to Rs 317.05 in Q3 FY26. The scrip shed 0.46% to end at Rs 1,329.15 on the BSE.

Maharatna 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 December 2025. The company reported 1.60% increase 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% YoY to Rs 31,546.51 crore in the quarter ended 31 December 2025. The scrip fell 2.40% to end at Rs 264.05 on the BSE.

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