• Geopolitical demand impact: Rising global focus on oil and gas exploration is driving demand for offshore maintenance services, with pricing on short-term contracts expected to see upward revisions around September or October.
• FY27 growth outlook: Following an expected record year in FY26, the company expects 12% to 15% revenue growth and 15% to 18% EBITDA growth in FY27 based on strong order book visibility.
• ONGC O&M contract: SEAMEC secured a vessel operations and management contract with ONGC valued at approximately ₹410 crore through March 2028, which will be immediately EPS-accretive upon commencement in late March or early April.
• Capex and fleet expansion: The company plans to acquire one to two dive support vessels over the next two to three years with a capex of ₹1,500 to ₹2,000 crore, funded by a mix of debt and equity timed to maintain return on capital between 15% and 18%.