SEAMEC Limited executed two addendums on August 31, 2026, to its Memorandum of Agreement for purchasing the vessel "SEAMEC ANANT" from HAL Offshore Limited. The amendments revise the document delivery schedule and extend key operational deadlines.

The company disclosed the transaction under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This is a related party transaction in the normal course of business.

Key Amendments

Addendum 1 modifies Schedule I of the original agreement dated July 21, 2026. It updates the list of documents required from both the seller and buyer for the vessel's delivery.

Addendum 2 adjusts the timeline for the vessel's operational status. The Notice of Readiness date is now set for September 15, 2026. The Cancelling Date has been extended to October 15, 2026.

All other terms of the July 21, 2026 agreement remain unchanged. The company stated there is no financial impact from these modifications.

Seamec Limited has released the full transcript of its first quarter of fiscal year 2027 (Q1FY27) earnings call, which was held on Friday, August 14, 2026. The disclosure, made pursuant to Regulation 30 (read Para A (15) of Schedule III -Part A) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, provides detailed insights into the company’s financial performance and operational strategy for the period ended June 30, 2026.

The conference call commenced at 11:30 am and concluded at 12:03 pm. Senior management representatives who participated in the discussion included Naveen Mohta, Whole Time Director; Ashok Verma, Chief Financial Officer; and Sunil Gupta, Vice President of Strategy and Investor Relations. The company reiterated that no Unpublished Price Sensitive Information (UPSI) was shared during the investor interactions. The concall was facilitated by Arihant Capital Markets Ltd., with Balasubramanian serving as the moderator.

Financial Performance

During the call, CFO Ashok Verma disclosed that consolidated revenue for the quarter stood at ₹297 crore, reflecting a year-on-year growth of 41% compared to ₹211 crore in the corresponding quarter of the previous year. Stand-alone revenue was reported at ₹283 crore against ₹201 crore in Q1FY26. Consolidated EBITDA for the quarter stood at ₹124 crore, while stand-alone EBITDA was ₹117 crore. Profit after tax on a consolidated basis was ₹81 crore, an increase from ₹76 crore in the same quarter last year.

Management attributed the strong operational performance to healthy fleet utilization, efficient project execution, and disciplined cost management across both domestic and international assignments. The balance sheet remains healthy, providing flexibility for selective growth opportunities while maintaining financial discipline.

Strategic Outlook and Fleet Updates

Naveen Mohta emphasized that the global offshore energy industry continues to witness structural growth driven by energy security concerns and increased offshore exploration. The Middle East remains a key growth market for Seamec, with Saudi Arabia being strategically important. Mohta noted that the gradual reopening of offshore activities in Iran could support regional vessel demand over the medium to long term.

In India, recent discoveries in the Andaman and Mahanadi basins highlight significant offshore potential. Mohta stated that as these discoveries progress towards development, they are expected to create opportunities in subsea intervention, diving support, and offshore construction. He projected that the government’s Samudra Manthan policy initiative would benefit the sector, though visible impacts for Seamec may take 3 to 5 years due to the long gestation period of oil exploration activities.

Regarding fleet operations, management confirmed that the vessel Paladin has resumed operations after returning from dry dock in Dubai. It had been non-operational during Q1FY27 due to geopolitical tensions in the Middle East, resulting in cost burdens without revenue generation. The vessel is now contributing to revenue in Q2FY27. Additionally, the acquisition of Seamec ANANT is expected to be completed by the end of August 2026. The vessel, acquired for $70 million, will undergo statutory formalities before resuming its contract with ONGC, with revenue contribution expected in Q3FY27.

What the Numbers Show

The 41% revenue growth outpaced the 6.6% increase in profit after tax, indicating that while top-line expansion is robust, margin expansion has been moderate. Management guided that annualized EBITDA margins should remain stable between 40% and 42%, suggesting that current profitability levels are sustainable despite fluctuations in vessel deployment and seasonal EPC contracts. The shift in focus towards long-term IMR contracts, which comprise 60-65% of the contract mix, aims to provide more predictable revenue streams compared to short-term EPC work.