Seamec Ltd

Contract extension details

• Charter period for Vessel SEAMEC II extended to 31 August 2026; terms unchanged; notified by ONGC.

Meeting Details

• Date: August 14, 2026
• Type/Mode: Earnings conference call; virtual
• Organizer: Seamec Q1 FY27 Earnings Conference Call (Arihant Capital)

Participants

• CFO: Ashok Verma
• Whole-Time Director: Naveen Mohta
• VP, Strategy & Investor Relations: Sunil Gupta

Purpose

• Discuss Q1 FY27 unaudited results
• Investor Q&A session during earnings call

Availability

• Transcript posted on Seamec website
• Conference is being recorded; transcript available

Asset disposal approval

• Special resolution approved to sell/dispose/lease assets exceeding 20% of material subsidiary's assets.
• Asset: sale of vessel SEAMEC GALLANT owned by SEAMEC International FZE.
• Board approved postal ballot process on July 14, 2026; notice issued July 16, 2026.
• Remote e-voting period: July 17 to August 15, 2026; NSDL administered.
• Results: 93.87% in favour (16,623,948 votes) vs 6.13% against (1,085,467 votes); 0 invalid.
• Result deemed passed on August 15, 2026; Scrutinizer report dated August 17, 2026.
• Specific authority to SEAMEC International FZE board to negotiate and execute sale documents.
• Notice, results and documents published/uploaded on company and NSDL websites.
• No management changes reported; approval relates solely to asset disposal.

Resolution details

• Purpose: Approve sale/disposal/lease of assets exceeding 20% of material subsidiary’s assets.
• Resolution type: Special.
• Total votes polled: 17,709,415; in favour: 16,623,948; against: 1,085,467.
• Outcome: Passed with 93.87% in favour, 6.13% against.
• Material impact: Enables sale/disposal/lease by material subsidiary.
• Date: August 15, 2026 (postal ballot concluded).
• Promoter group in favour: 16,474,532; against: 0.
• Share of shares polled: 69.65% of outstanding.

Drydocking update

• Barge SEAMEC GLORIOUS completed statutory drydocking on Aug 14, 2026 at 20:00 hrs.
• Future deployment will be intimated in due course.

Parties and purpose

• SEAMEC LIMITED and M/S SUPREME HYDRO ENGINEERING PVT LIMITED.
• Purpose: Avail diving technical expertise for ONGC vessel SAMUDRA PRABHA.

Contract value and scope

• Total contract value: approx USD 1.39 million including GST.
• Engagement type: Consortium for diving technical support on Samudra Prabha.

Related party and ownership

• No promoter/group related party involved.
• Transaction not a related party transaction.
• No equity issuance or shareholding changes envisaged.

Impact and implications

• Potential material revenue from the USD 1.39 million contract.
• No change in ownership or control disclosed.

Regulatory and disclosures

• Annexure details disclosed; no regulatory approvals specified.
• No board or management changes disclosed.
• No conflicts of interest disclosed.

Termination/amendment

• No termination or amendment details provided.

Parties

• SEAMEC LIMITED and M/S SUPREME HYDRO ENGINEERING PVT LIMITED.

Purpose

• Availing diving technical expertise on the ONGC Vessel SAMUDRA SEVAK.

Key terms

• Total contract value USD 1.47 million including GST.

Related party status

• Not related to promoter/group; not an arm's-length transaction.

Impact

• Adds diving-tech service capability on SAMUDRA SEVAK; potential revenue impact.

Other disclosures

• No regulatory approvals mentioned; no board/management changes disclosed.

Meeting Details

• Date/time: Aug 14, 2026, 11:30 am–12:03 pm.
• Type/mode: earnings call (group, virtual) with analysts.
• Event: Q1 FY27 results earnings call.
• Recording available on company website.

Participants

• Role: President – Corporate Affairs, Legal and Company Secretary.

Purpose

• Purpose: discuss Q1 FY27 results (quarter ended 30 June 2026).
• Context: interaction with analysts and institutional investors.

Additional Notes

• Recording available; no transcript or presentation indicated.

Business Overview

• Offshore engineering services provider for subsea and marine oil and gas operations.
• Diversified fleet includes six DSVs, one OSV, and one accommodation barge.
• Domestic revenue share ~78%; overseas ~22% (FY26 reference).
• Strategic focus on fleet expansion and selective asset acquisitions.
• Agastya acquisition completed FY26; Diamond resumed after dry-docking.
• Upcoming acquisition of Seamec Anant from HAL Offshore to complete in Q2 FY27.
• MOU signed with HAL Offshore for Anant; completion targeted Q2 FY27.
• Board approved sale of Seamec Gallant; shareholder approval pending.

Operational Highlights

• Q1 FY27 standalone revenue ₹283.3cr; EBITDA ₹116.8cr; PAT ₹81.2cr.
• Consolidated Q1 FY27 revenue ₹296.9cr; EBITDA ₹123.9cr; PAT ₹81.3cr.
• YoY revenue growth ~41% for standalone and consolidated.
• Deployment days up 110 vs Q1 FY26.
• Agastya commenced operations in FY26; Diamond resumed after dry-docking.
• Paladin not operating in Q1 FY27 due to State of Hormuz.

Financial Performance

• Standalone EBITDA margin 41.2%; PAT margin 29%.
• Consolidated EBITDA margin 41.7%; PAT margin 27%.
• Depreciation up ₹13cr due to Agastya; tax up ₹5cr in Q1 FY27.
• Standalone PAT ₹81.2cr; Consolidated PAT ₹81.3cr in Q1 FY27.

Capital & Liquidity

• Promoter holding ~72.72%.
• Board-approved sale of Seamec Gallant; shareholder approval pending.
• Anant acquisition from HAL Offshore to be completed in Q2 FY27.

Strategic Outlook

• Outlook supportive: rising offshore capex, IMR, and offshore infrastructure demand.
• Strategy: disciplined fleet deployment and value-creating asset acquisitions.
• Capex focus on demand-backed vessel acquisitions; strong balance sheet.
• Samudra Manthan and domestic offshore activity expected to sustain growth.

Risks & Mitigation

• Geopolitical and regulatory risks, including Hormuz-related disruptions.
• Mitigated by diversified fleet and geography, stable execution capabilities.

Governance & Leadership

• Promoter stake ~72.72%; Independent directors on the board.