Seamec Limited announces a new order win

The specific charter duration and SEAMEC II’s vessel-level realized daily rates for the last four quarters cannot be verified from the cited financial data.

• Implied daily rate: USD 19.02 million ÷ charter duration in days.
• Required comparison: each quarter’s SEAMEC II charter revenue divided by the vessel’s chartered/operating days.
• Limitation: the available KPI series reports company-level revenue and profitability, not SEAMEC II-specific charter revenue, operating days, or quarterly daily rates. Therefore, a defensible above/below comparison cannot be made without the charter-duration disclosure and vessel-level quarterly data.

The contract adds approximately USD 19.02 million to potential secured backlog, but the absolute revised order book and percentage uplift cannot be calculated because the most recent quarterly filing’s total order book value is not reported in the cited material. The contract is a 180-day charter for SEAMEC II, commencing between October 15 and October 31, 2026, and is valued at approximately USD 19.02 million excluding GST. ^[1]

For revenue recognition in FY27, the company has not disclosed an explicit percentage. Assuming revenue is recognized evenly over the 180-day charter and there are no mobilisation delays:

• Start on October 15, 2026: approximately 168 of 180 days fall before March 31, 2027, implying 93.33% recognition in FY27.
• Start on October 31, 2026: approximately 152 of 180 days fall before March 31, 2027, implying 84.44% recognition in FY27.

Therefore, the mechanically derived FY27 revenue-recognition range is approximately 84.44%-93.33%, or about USD 16.06-17.74 million, before GST. This is a timing-based estimate, not company guidance; actual recognition may depend on service commencement, mobilisation, billing terms, and the applicable revenue-recognition pattern. The optional extension is excluded from this calculation. ^[1]

Analytical implication: the contract is likely to be predominantly recognized within FY27, but it should not be treated as a confirmed addition to the quarterly reported order book unless Seamec includes charter contracts in that metric and updates the order-book disclosure.

The remaining-fleet utilization and project-specific cost profile cannot be established from the latest reported metrics. There is no cited disclosure of vessel-by-vessel utilization, idle capacity, contract deployment, additional capex, or mobilization charges for the SEAMEC II contract.

• Remaining fleet utilization: not separately reported. Company-level revenue in Q1 FY27 was Rs 296.92 Crores, with a consolidated EBITDA margin of 48.5% and operating margin of 31.7%; these are fleet-wide/company-wide outcomes and cannot be translated into utilization for the vessels other than SEAMEC II. ^{[2] [3] [4]}
• Additional capex: no contract-specific capex requirement is reported. The only relevant metric is consolidated TTM capex-to-revenue of 39.8% as of Q4 FY26, but this is an aggregate company measure and does not identify spending for SEAMEC II or the remaining fleet. ^[5]
• Mobilization cost: no amount, reimbursement mechanism, or treatment of mobilization/demobilization costs is reported. Therefore, it is not possible to quantify any margin drag for this project.

Margin implication: the contract should not be assumed to carry no incremental cost, but neither is there evidence to model a specific margin reduction. The key items to verify are whether the vessel requires modifications or dry-docking, who bears mobilization and demobilization, whether fuel and crew costs are reimbursable, and whether the vessel is being redeployed from an existing assignment. Until those terms are disclosed, the latest 48.5% consolidated EBITDA margin is only a company-level reference point—not the expected margin for the SEAMEC II project.