The contract has been awarded to a consortium of Seamec and Supreme Hydro Pvt Ltd for hiring O&M services of ONGC-owned multi-support vessel (MSV) “Samudra Prabha” for the period 2026–2028.
The order, awarded by a domestic entity in the normal course of business, is valued at around Rs 329.92 crore, inclusive of GST, the company said in an exchange filing.
The contract tenure is 698 days and is scheduled to commence within 60 days from the date of the NOA.
Seamec clarified that neither its promoter nor promoter group has any interest in ONGC, and the transaction does not fall under related party transactions.
SEAMEC provides offshore support services and undertakes operations through diving support vessels (DSVs) owned and operated by the company. Its subsidiary companies also own and operate bulk carriers. The company reported a consolidated net profit of Rs 99.62 crore in Q3 FY26, compared with a net loss of Rs 3.32 crore in Q3 FY25. Revenue from operations surged 112.30% year-on-year to Rs 317.05 crore in Q3 FY26. The scrip rose 0.51% to Rs 1,429 on the BSE.
Maharatna Oil and Natural Gas Corporation is India’s largest crude oil and natural gas company, contributing about 71% to the country’s domestic production. The Government of India held a 58.89% stake in the company as of December 2025.
ONGC reported a 1.60% rise in standalone net profit to Rs 8,371.85 crore in Q3 FY26, compared with Rs 8,239.92 crore in Q3 FY25. However, revenue from operations declined 6.43% year-on-year to Rs 31,546.51 crore in the quarter ended 31 December 2025. The stock added 2.21% to Rs 275.90 on the BSE.