The offshore marine services company has an impressive clientele and long-term contracts that are helping drive growth
Did you know that India is the third-largest oil consumer globally, behind only the United States and China? 36% of our country’s energy demand is met by oil and gas, and, currently, India imports about 85% of the oil and 50% of the gas that it consumes — which is quite a mind-boggling number for a nation of a billion plus.
The combination of India’s rising energy demand and the hefty import bill has prompted the government to introduce policies and initiatives to push towards self-reliance in oil and gas production.
To meet this demand, the Indian subsea operations market is seeing significant growth, driven by increasing offshore exploration and production in deepwater regions.
Exploring the depths: subsea operations
Subsea operations, a vital sector of the offshore energy industry, trace their origins back to the 1930s and 1940s, when the first offshore oil wells were drilled. Today, this field has evolved into a sophisticated industry, playing a crucial role in underwater exploration, resource extraction, and infrastructure development. Subsea operations encompass a range of specialised activities, including:
- Surveys: Using advanced technology to map the seabed and geological formations beneath it.
- Trenching: Creating protective trenches in the ocean floor to safeguard essential cables and pipelines.
- Installation: Deploying and securing submarine cables, umbilicals, and flexible infrastructure.
- Subsea production: Managing the flow of oil, gas, and water from deep-sea wells to the surface for processing.
As the demand for offshore energy grows, so has the subsea operations sector. And India, in particular, has significant potential for growth given its strategic geographical location, increasing demand for energy, and increasing data demand (which requires investment in undersea cable infrastructure).
The SEAMEC backstory
SEAMEC calls itself the “leading provider of diving support vessels in the Indian offshore oil industry.” It is a key player in the underwater services and offshore industry, specialising in vessel operations, diving support, and subsea construction and serves clients across the oil and gas sector and other marine industries.
The company currently has the largest fleet of diving support vessels (DSVs) in India and the Middle East, catering to a variety of clients. SEAMEC and its subsidiaries also operate bulk carriers across the world, and recently ventured into the EPC (engineering, procurement, and construction) infrastructure space through a JV and its nearly 40-year evolution has been a steady one.
SEAMEC Limited was formed in 1986 as Peerless Leasing Private Limited and has undergone several name changes over the years. Today, it operates as a subsidiary of HAL Offshore Limited, playing a significant role in the offshore and subsea services industry.
The company’s journey began in 1987, when it was renamed Peerless Drive Private Limited, followed by another change in 1994 to Peerless Shipping and Oilfield Services Ltd. In 1999, Coflexip Stena Offshore Mauritius Ltd became its majority shareholder, leading to further transformation.
In 2000, the company rebranded to South East Asia Marine Engineering & Construction Ltd, (SEAMEC) and by 2001, it became part of Technip of France, a global leader in engineering and construction. The final name change to SEAMEC Ltd came in 2007.
In 2014, SEAMEC became a subsidiary of HAL Offshore Limited (HAL), further strengthening its position in the industry. The company has since expanded its operations, forming a stepdown subsidiary, SEAMEC Shipping FCZ, in 2020 and establishing a joint venture subsidiary, SEAMEC Nirman Infra Ltd, in 2021 to focus on EPC and tunnel projects.
Between 2023-25, SEAMEC has diversified further, acquiring Aarey Organic Industries Pvt Ltd to carry out the manufacture, sale, import, export, purchase and distribution of various types of chemicals.
SEAMEC’s key strengths and developments
While SEAEMC is certainly not the only company operating in the subsea operations sector, it does have a significant hold on the market, given their niche expertise and substantial fleet size. SEAMEC’s business operations encompass three main verticals: marine offshore services, bulk carriers and infrastructure.
Offshore shipping
Seamec operates a fleet of Diving Support Vessels (DSVs) and Offshore Support Vessels (OSVs) that play a crucial role in complex subsea operations. These vessels support inspection, maintenance, repair, and subsea construction for oil and gas platforms, while also offering firefighting capabilities. The company leverages advanced diving equipment and control systems to ensure efficiency and safety in deepwater projects.
As of 2025, SEAMEC operates a fleet of five advanced DSV vessels, one OSV vessel, and one accommodation barge (SEAMEC II, SEAMEC III, SEAMEC PRINCESS, SEAMEC SWORDFISH, SEAMEC DIAMOND, and SEAMEC GLORIOUS), supporting a range of complex subsea operations. Recent developments include:
- October 2024: SEAMEC GLORIOUS began its second season of offshore explorations for ONGC
- December 2024: Secured a significant contract, valued at $3.46 million with Mermaid Subsea services in Saudi Arabia, for the charter hire of the vessel SEAMEC SWORDFISH. The agreement was set for a period of 50 days, with an option for extension.
- January 2025: Signed a BIMCO Charter Party agreement with Saudi Arabian firm Safeen Al Behar Limited Company for the charter hire of the same vessel, SEAMEC SWORDFISH. The contract, valued at $57.40 million, spans 730 days, with an option for extension under and is set to commence between March 1 and March 30, 2025. The vessel will operate in Saudi Arabia and the UAE.
Bulk carrier division
This division is managed via SEAMEC International FZE and Seamate Shipping FZC, with a focus on transporting bulk commodities across international trade routes. SEAMEC currently operates two bulk carriers, SEAMEC GALLANT and ASIAN PEARL. A third vessel, SEAMEC NIDHI, owned by SEAMEC International FZE, was sold in early April 2024. The fleet is primarily engaged in transporting a variety of dry bulk materials, including food staples, commodities, and industrial products. This division strengthens the company’s footprint in global shipping, facilitating the movement of essential goods across borders.
Infrastructure and tunnel construction
Through its SEAMEC Nirman Infra Limited subsidiary, the company has ventured into tunnel construction, particularly using New Austrian Tunnelling Method (NATM) for high-speed rail projects. SEAMEC also recently undertook its maiden High Speed Rail project in Vapi, Gujarat in partnership with Nayarvidhi Infra LLP. After completing 80% of the project, the company withdrew in July 2024 due to unforeseen circumstances, but SEAMEC’s foray into infrastructure underscores its ambition to diversify beyond maritime operations.
A wave of growth ahead
India’s subsea operations market is on an upward trajectory, driven by rising offshore exploration and production activities, particularly in deepwater projects. With ONGC (Oil and Natural Gas Corporation) leading the charge, the sector is expanding rapidly to cater to the push for self-reliance in oil and gas production. And it’s not just self-reliance, there are several factors at play.
- Rising energy demand: With a growing population and expanding economy, India’s need for oil and gas is driving exploration into offshore deepwater regions.
- Government initiatives: Policies like the Open Acreage Licensing Policy (OALP) are encouraging investments in offshore exploration, making it easier for companies to enter the market.
- Government policies: The Indian government’s support for the maritime industry, through subsidies, tax benefits, and infrastructure development, has fostered a favourable business environment for shipping and marine companies, encouraging growth and investment in the sector.
- Deepwater exploration: The search for new reserves is pushing companies further into deepwater areas, where cutting-edge subsea technologies play a crucial role.
- Technological advancements: Innovations like subsea boosting systems are making it easier to extract resources from challenging deepwater fields, enhancing efficiency and production rates.
As demand increases, so does investment in advanced subsea technologies and critical components. And with strategic investments and policy support, India’s subsea operations market is poised for robust expansion.
Given SEAMEC’s existing hold on the market, multiple long-term contracts, and plum clients like ONGC, the firm has the potential to play a crucial role in the country’s energy security and offshore development in the years to come.
Sources
https://www.marketsandata.com/industry-reports/india-offshore-support-vessel-market
https://www.grandviewresearch.com/industry-analysis/subsea-manifolds-market
https://seamec.in/upload/28-08-2024Annual%20Report%202023-24.pdf