SEAMEC Wins $5.61 Million ONGC Subcontract for Pipeline and Offshore Work

Seamec Limited has signed a subcontract agreement with Posh India Offshore Private Limited for specific installation works under major ONGC projects. This partnership is a part of the company’s ongoing efforts to expand its business operations.

Agreement Overview  

Seamec Limited has entered into a subcontract agreement with Posh India Offshore Private Limited to carry out riser clamps, bow string and other installation work. These tasks are part of the Pipeline Replacement Project VIII (PRP-VIII Group B) and the Daman Upside Development Project (DUDP) for ONGC. The agreement operates on a unit-rate basis, which means payment will be made based on the quantity of work completed.  

Financial Details  

The estimated total value of the subcontract is approximately $5.61 million, excluding GST. This value is based on the maximum indicated quantity of the scope of work.  

About Seamec Limited

Seamec Limited, part of the MM Agrawal Group, is an established player in offshore oilfield services and bulk carrier chartering. Incorporated in 1986, the company operates multi-support vessels for diving support, subsea operations and EPC infrastructure projects across India and internationally. With a presence in regions like the Middle East, Southeast Asia, West Africa and the Gulf of Mexico, the company owns a diverse fleet including diving support vessels and a bulk carrier.

Share performance 

As of March 25, 2025, at 10:00 AM, with a market capitalisation of ₹26.34 billion, Seamec share price is trading at ₹1,026.90 per share, reflecting a surge of 8.28% from the previous day’s closing price. Over the past month, the stock has registered a profit of 8.87%. The P/E ratio stands at 27.80. The stock’s 52-week high stands at ₹1,669.95 per share, while its low is ₹780.50 per share.

Conclusion

This subcontract strengthens Seamec’s portfolio in offshore installation projects and highlights its commitment to executing large-scale contracts effectively. The collaboration with Posh India Offshore aims to contribute to the successful completion of ONGC’s critical projects.

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