Seamec Limited , a prominent player in the offshore oilfield services sector, reported a consolidated loss of INR 26.00 crores in Q2FY26, compared to a profit of INR 0.20 crores in the same quarter last year. The company's financial performance was significantly impacted by technical issues with one of its key vessels.

Vessel Breakdown Impacts Revenue

The primary reason for the loss was attributed to a technical breakdown of the vessel SWORDFISH, which operated for only 22 days during the quarter. This unexpected downtime substantially affected the company's revenue generation capacity.

Financial Highlights

• Consolidated revenue for Q2FY26 stood at INR 108.00 crores, down 3% from INR 110.00 crores in Q2FY25.
• Standalone revenue decreased to INR 91.00 crores from INR 102.00 crores year-over-year.
• EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) at the consolidated level was INR 18.00 crores, compared to INR 38.00 crores in the same quarter last year.

New Contracts and Strategic Moves

Despite the setback, Seamec Limited has made several positive strides:

1. Secured a 150-day contract with L&T for the barge Seamec Glorious, to be deployed in the Mumbai High and Western Offshore region.
2. Signed a Memorandum of Understanding (MoU) with the Directorate General of Shipping for a maritime investment of INR 1,000.00 crores.
3. The vessel Anant is expected to be mobilized by February 2026, with a day rate of USD 45,000.00 for a four-year contract with ONGC.

Future Outlook

Seamec Limited remains optimistic about its future prospects:

• The company plans to expand its fleet and explore opportunities in the Northern Europe offshore market.
• Management expects the overseas operations to approach breakeven or profitability in the coming year.
• The newly acquired vessel, Seamec Agastya, is scheduled for deployment from December 2025 with a four-year contract at USD 25,000.00 per day.

While the Q2FY26 results reflect short-term challenges, Seamec Limited's strategic contracts and expansion plans indicate potential for recovery and growth in the coming quarters. The company's focus on fleet modernization and market expansion may help in mitigating risks associated with aging vessels and technical issues.

Investors and industry observers will be closely watching how Seamec navigates the cyclical nature of the offshore services industry and capitalizes on the growing energy demand in India and global markets.

Seamec Limited , a prominent player in the offshore services sector, has successfully resolved its legal dispute with Asian Energy Services Limited through mutual settlement. The Bombay High Court has disposed of the company's Section 9 petition following the settlement agreement.

Settlement Resolution

Seamec announced that the dispute pertaining to charter hire of the vessel has been mutually settled with Asian Energy Services Limited. The interim application for relief under Section 9 of the Arbitration and Conciliation Act, 1996, filed by the company before the Bombay High Court has been disposed of through a court order dated January 07, 2026.

Legal Proceedings Background

The original dispute involved Seamec's claim against Asian Energy Services Limited and Hardy Exploration & Production (India) Inc. for non-payment of overdue charter hire for work carried out by Seamec's Vessel Seamec III. The company had sought recovery of charter hire dues totaling INR 24.52 crores (inclusive of interest).

Settlement Impact

According to the company's disclosure, there is no material impact of the settlement on Seamec's financial position. The mutual agreement has allowed both parties to resolve the dispute without prolonged litigation, enabling the company to focus on its core operations.

Operational Context

This resolution comes as Seamec continues its operational activities, including the recent commencement of operations by its barge SEAMEC GLORIOUS. The settlement demonstrates the company's ability to resolve commercial disputes effectively while maintaining business relationships in the offshore services sector.

The successful resolution of this legal matter removes a potential overhang on the company's operations and may contribute to improved stakeholder confidence in Seamec's dispute resolution capabilities.