Seamec Limited , a prominent player in the offshore services sector, has announced the return to service of its HAL (Helicopter Approach Landing) vessel, MV GOODMAN, following a brief period of technical issues and subsequent repairs.

Incident Resolution

According to the latest disclosure made by Seamec Limited under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the following key points have been highlighted:

Company's Response

Seamec Limited has confirmed that the MV GOODMAN has been successfully repaired and hired back into operational service. This development marks the vessel's return to revenue-generating status, which is crucial for the company's marine operations.

Operational Impact

The swift resolution of the technical issue and the vessel's prompt return to service align with the company's earlier assurance that the brief off-hire period would not disrupt ongoing project schedules. This efficient handling of the situation demonstrates Seamec's operational readiness and problem-solving capabilities.

Market Implications

The timely return of MV GOODMAN to operational status may be viewed positively by stakeholders and market analysts. It reinforces Seamec Limited's ability to manage technical challenges effectively and maintain its operational commitments.

Looking Ahead

As the offshore services industry continues to navigate various challenges, Seamec Limited's handling of this situation showcases its resilience and commitment to maintaining operational efficiency. The company's transparent communication throughout the incident, from initial disclosure to the announcement of the vessel's return, underscores its dedication to keeping stakeholders informed.

Investors and industry observers will likely continue to monitor Seamec's performance, particularly focusing on the consistency of its fleet operations and the company's ability to mitigate potential disruptions in the future.

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.