Shares of Seamec surged 11.47% to ₹1,057.15 in early trading on Tuesday, March 25, after the company announced a major subsea contract win from Larsen & Toubro’s Energy Hydrocarbon Division.
In a regulatory filing, Seamec confirmed that it has received a Letter of Award (LOA) in joint venture with Posh India Offshore Private Limited. The consortium will undertake subsea installation works under ONGC’s Daman Upside Development Project (DUDP) and PRP VIII pipeline replacement project. The project is expected to be completed by May 2026.
The contract, awarded by a domestic entity, involves key offshore development activities for ONGC. While financial details and the revenue-sharing arrangement between Seamec and Posh India Offshore are being finalized, the company clarified that the project falls under its normal business operations and does not involve any related party transactions.
This development is a significant milestone for Seamec, strengthening its position in India’s offshore energy sector and reaffirming its capabilities in subsea operations.
At the time of reporting, Seamec’s market capitalization stood at ₹26,410 crore, with the stock trading in a day range of ₹970.05 – ₹1,078.00 on the NSE.
