### **Overview** SEAMEC Limited is a leading offshore oilfield services company in India with an expanding footprint in international markets, particularly in the Middle East. A part of the MM Agrawal Group (MMG), SEAMEC specializes in the chartering and operation of highly specialized vessels such as **Diving Support Vessels (DSVs)**, **Offshore Support Vessels (OSVs)**, and **accommodation barges**. The company primarily serves major national and international oil & gas exploration and production (E&P) companies, including **ONGC**, **ARAMCO**, **ADNOC**, and **HAL Offshore**. --- ### **Operational & Strategic Highlights (As of Nov 2025)** #### **1. Operational Environment** - The **monsoon season (June–September)** continues to limit offshore vessel deployment across India’s west coast, particularly in the **Mumbai High and Western Offshore** regions, creating temporary cyclical constraints. - Despite weather-related challenges, **vessel utilization remains high**, with most assets under long-term contracts, ensuring **revenue resilience**. #### **2. Fleet Status & Recent Developments** - **SWORDFISH**: Experienced a technical breakdown in August 2025 after completing a charter with **ARAMCO**, but repairs have been successfully completed. The vessel has been **redeployed for an additional two years** in the same oilfield, signaling strong client confidence. - **Seamec Glorious (Barge)**: Mobilized under a **firm 150-day charter contract** with **L&T** in the Mumbai High region. - **GOODMAN**: Secured a **charter contract worth INR 6.3 crores** with HAL Offshore. - **Seamec Anant**: A key vessel under restructuring, planned to be acquired from **HAL Offshore for $70 million**, with transaction expected by Q2 FY26. The vessel is not yet under SEAMEC ownership. #### **3. Contract & Charter Positioning** - SEAMEC’s revenue is **insulated from oil price volatility**, as it supports **operational production fields** (not exploration), where extraction continues regardless of oil prices to maintain cost efficiency. - All core vessels (e.g., **Seamec Paladin, Swordfish, Nusantara, Anant, Seamec II**) are on **long-term charters (2–4 years)**, leaving **limited availability** for new contracts. - International charters (e.g., Middle East) offer **higher pricing**, but domestic contracts with ONGC provide **greater stability and visibility**. #### **4. Strategic Expansion & Diversification** - **Middle East Expansion**: Actively pursuing opportunities in **Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, and Oman**, supported by ongoing work with ARAMCO. - **Investment Commitment**: Signed an **MoU with the Directorate General of Shipping** to invest **INR 1,000 crores** in maritime infrastructure, indicating long-term growth ambitions. - **Fleet Growth Strategy**: Aims to grow its fleet of DSVs, particularly for **Middle Eastern markets**, to enhance both **revenue and profitability**. - **Capital Recovery Model**: For new vessel acquisitions, SEAMEC targets to recover **~50% of the capital cost** during the contract period, treating the remaining asset life as a **strategic residual investment**. #### **5. Joint Ventures & Subsidiaries** - **Seamec International FZE (Dubai, est. 2010)**: Holds and operates bulk carriers for dry-cargo transportation. - **Seamate Shipping FZC (UAE JV with Arete Shipping)**: Manages operations of **‘Asian Pearl’**, a bulk carrier acquired in 2020 and placed under **bareboat charter**. - **Joint Venture with Arete Shipping**: Based in **GIFT City, India**, leverages tax benefits and expands SEAMEC’s reach in **bulk carrier operations**. - The **bareboat charter model** transfers operational risks to the partner, allowing SEAMEC to earn **risk-free returns of 15–16%**, outperforming treasury yields. - **Seamec UK Investments Limited**: Wholly owned subsidiary focused on **oil & gas opportunities in Europe and Africa**. - **Aarey Organic Industries Pvt Ltd**: Acquired to establish a **fabrication and storage unit**, supporting SEAMEC’s offshore operations. #### **6. Diversification Efforts** - **Tunneling & EPC (via Seamec Nirman Infra Ltd JV)**: Entered infrastructure to diversify revenue streams. The **first tunnel project is nearing completion**. - **Withdrawal from JV**: Decided to exit **Seamec Nirman Infra Ltd** due to operational challenges, though the strategic intent to diversify remains. - **Oil & Gas Adjacent Activities**: Exploring expansion into **onshore EPC, SAT-diving, field start-up, and inspection services**. --- ### **Financial & Market Positioning** #### **Revenue & Performance** - **Primary Revenue Source**: Charter hire of **technical offshore vessels**, contributing **₹300–400 crores annually**. - **Bulk Carrier Segment**: Operates **three vessels**: - *SEAMEC GALLANT* (Handymax, 32,289 GT, 2011) - *SEAMEC NIDHI* (Supermax, 56,755 GT, 2010) – **sold in April 2024** - *ASIAN PEARL* (Handymax, 27,989 GT, 2003) - **Diversification Impact**: Contributed to strong financials—**FY24 standalone revenue up 70%**, **PAT up 4x**, and **consolidated PAT up 3.5x**. #### **Market Outlook** - **India’s Energy Demand**: As the **world’s third-largest oil consumer**, with 85% imports, domestic offshore activity is expected to grow over the next **three decades**. - **ONGC’s Exploration**: Eight hydrocarbon discoveries in FY23 across KG, Mumbai Offshore, and Assam regions, driving demand for offshore support services. - **Government Push**: **₹1.2 lakh crore** committed to energy infrastructure, further boosting offshore sector growth. --- ### **Fleet Composition (As of Nov 2025)** | Vessel Type | Vessels | Key Clients | Contract Duration | |-------------|--------|-----------|-------------------| | Diving Support Vessels (DSVs) | Paladin, Swordfish, Nusantara, Seamec II, III, Princess | ONGC, Aramco | 3–4 years | | Offshore Support Vessel (OSV) | Seamec Diamond, Seamec Pearl (acquired 2024) | ONGC | 3 years | | Accommodation Barge | Seamec Glorious | L&T | 150-day charter | | Bulk Carrier | Asian Pearl (via JV), Seamec Gallant | Third-party | Bareboat/Time charter | --- ### **Key Differentiators** - **Market Leadership**: **Largest DSV fleet in India**, with dominant presence on the **East Coast** and growing Middle East operations. - **Reliability & Safety**: Strong **marine management systems**, **ISO-certified processes**, and **proven safety protocols**. - **Multi-Support Vessels (MSVs)**: Pioneering use of vessels capable of **diving, ROV, construction, and logistics**, offering integrated solutions. - **Strategic Ownership Model**: Focus on **long-term charters** and **capital-efficient fleet expansion** reduces exposure to market volatility. --- ### **Leadership & Governance** - **Mr. Rakesh Ayri (CEO)**: 40 years in oil & gas, ship management, and entrepreneurship. - **Mr. Naveen Mohta (Whole Time Director)**: Over 26 years in offshore operations; ex-HAL Offshore; oversees **fleet operations and commercial management**. - **Mr. Rajeev Goel (Non-Executive Director)**: CA and CFO of Connaught Plaza (McDonald’s North/East India); instrumental in **2014 acquisition by HAL Offshore** and strategic financial planning. - **Dr. Amarjit Chopra (Independent Director)**: Veteran with 50 years’ experience, former board nominee in **Bank of Baroda and Indian Bank**.