Posts in category All News
Government of India and ADB sign $170 million loan to strengthen health system preparedness and response (03-07-2024)
Seamec Limited: formidable player in niche space; in a dull & boring sector (03-07-2024)
They are the largest player in this niche space, so they do have sort of a monopoly. The nearest listed peer is GE shipping – which is more into bulk transport. Within offshore support and diving support vessels, there are other players like Bernhard Schulte Shipmanagement (BSM)
Few more points from the interaction with management:
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Entry barriers –
- Initial capex required is significant for a new entrant – if they want to enter
- Customization needs - Vessels have to be customized, tweaked and built as per requirements of ONGC.
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Indigenization | Atmanirbhar theme
- Difficult for a foreign player to enter Indian markets in the segment and make inroads. If a foreign player has quoted lower on a tender, a company like Seamec gets the first right to match that price; and favoured over foreign players
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Divers: Upto 150 to 200 m – company deploys human divers. In case of higher depths, machines are deployed.
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Opportunities in East Coast – Lot of opportunities coming up in East coast too, with ONGC exploring new oil production from East coast