Seamec Limited, a prominent player in the marine and oil field services sector, has reported a decline in revenue and a net loss for the second quarter of the fiscal year 2025-26. The company's financial results, released for the quarter and half year ended September 30, 2025, reveal a challenging period for the firm.

Financial Performance

Quarterly Results

SEAMEC reported standalone revenue of ₹91.40 crore in Q2FY26, marking a 10% year-on-year decrease from ₹101.70 crore in Q2FY25. The company's EBITDA saw a significant drop to ₹9.20 crore from ₹36.60 crore in the previous year, with the EBITDA margin falling to 10.00% from 35.90%.

The company posted a standalone loss after tax of ₹25.80 crore for Q2FY26, a stark contrast to the profit of ₹3.00 crore recorded in the same period last year.

Half-Year Performance

For the first six months of FY26, SEAMEC's results showed some positive signs:

• Revenue grew by 2% to ₹314.30 crore
• Profit after tax (PAT) increased by 1% year-on-year to ₹54.50 crore

Operational Challenges

The company attributed the revenue decline to two main factors:

1. Dry docking of SEAMEC III
2. Lower deployment due to monsoon conditions

SEAMEC currently operates a fleet consisting of:

• 6 diving support vessels
• 1 offshore support vessel
• 1 accommodation barge

Strategic Developments

Despite the challenging quarter, SEAMEC has been active in pursuing strategic agreements:

1. The company entered into a Memorandum of Understanding (MOU) with the Directorate General of Shipping, committing to a capital expenditure of ₹1,000.00 crore.
2. SEAMEC has signed various charter hire agreements for its vessels.
3. The company took delivery of a new vessel, SEAMEC Agastya, in Singapore. This vessel is currently undergoing dry dock in Colombo.

Outlook

While SEAMEC faces short-term challenges as evidenced by the Q2 results, the company's half-year performance and strategic initiatives suggest efforts to strengthen its position in the market. The substantial capex commitment and fleet expansion indicate SEAMEC's focus on long-term growth.

Investors and stakeholders will likely be watching closely to see how SEAMEC navigates through these operational challenges and capitalizes on its strategic investments in the coming quarters. The company's ability to manage costs, optimize fleet deployment, and leverage its new assets will be crucial in addressing the current loss situation.

Seamec Limited has provided an update on its arbitration dispute with Jumbo Offshore Enterprises, announcing the closure of arbitration proceedings and the signing of additional consent terms. The latest development, disclosed on December 19, 2025, marks the conclusion of the arbitration phase while legal proceedings continue in the Gujarat High Court.

Latest Developments

The company has signed additional consent terms with Maria Offshore International LLP, the sister concern of Jumbo Offshore Enterprises, for technical reasons related to pursuing the matter before the Gujarat High Court. The arbitration proceedings, which were previously kept under abeyance, have now been formally closed.

Background of the Dispute

The original agreement between Seamec and Jumbo Offshore Limited was signed on November 6, 2025, which put their arbitration proceedings on hold. Under the initial settlement terms, Seamec had agreed to contest the arrest of Jumbo's vessel, 'Tug Maria', in the Gujarat High Court on behalf of Jumbo Offshore through a Power of Attorney arrangement.

Current Legal Status

While the arbitration proceedings have concluded, there is no material change regarding the pursuit of legal proceedings in the Gujarat High Court. The company continues to defend the vessel arrest case as previously agreed, with the additional involvement of Maria Offshore International LLP in the consent terms.

Financial Impact

Consistent with the company's earlier disclosure, there remains no material impact of this settlement on Seamec's financial position. The resolution allows both parties to avoid prolonged arbitration costs while focusing on the remaining legal proceedings in the Gujarat High Court.

Regulatory Compliance

Seamec has maintained its commitment to transparency by promptly disclosing this development to BSE Limited and National Stock Exchange of India Limited under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements, ensuring investors remain informed of significant corporate developments.