Seamec Limited Earnings Conference Call Summary
Date and Context
• Date of Call: May 29, 2024
• Announcement Date: June 4, 2024
• Focus: Q4 FY24 financial results
Key Financial Highlights
• Revenue Growth:
• 103% increase to INR 234 crores year-on-year
• Driven by higher vessel deployment and increased day rates
• EBITDA:
• 337% increase to INR 105 crores
• Reflects improved utilization and charter rates
Strategic Acquisitions
• Purchase of two offshore support vessels
• Plans to consolidate fleet for enhanced market position and sustainability
Q&A Session Insights
• Vessel Day Rates:
• Expected to remain firm for 2-3 years
• Loan to UK Subsidiary:
• INR 180 crores for establishing a global office in London
• FY’25 Projections:
• CAGR of 15%-20% with stable margins around 31%
• Recent losses attributed to one-off expenses
Management Expectations
• Target Margins:
• 40%-45% for asset consolidation
• OSV Business:
• Expected five-year payback period
• Console-Level Growth:
• Projected at 15% over the next 2-3 years
Capital Expenditure Plans
• Estimated Capex:
• INR 600-700 crores over the next three years
• Funded through internal accruals
• Current Debt:
• Low net debt of INR 34 crores
• Working Capital Cycle:
• Approximately 90 days
Future Expectations
• Acquisitions Impact:
• Recent acquisitions expected to reflect in Q2 and Q3 FY25 results
• Growth and Margins:
• Aiming for 15% year-on-year growth and 18-20% margins in the OSV business
• NPP NUSANTARA Vessel:
• Expected mid-2025 acquisition with potential annual revenue increment of INR 100 crores
Conclusion
• Management expressed gratitude to investors and commitment to continued profitable growth.

Seamec Limited Earnings Conference Call Summary (February 14, 2024)
Financial Highlights
• Revenue Growth: 114% increase to Rs. 205 crores year-on-year.
• EBITDA: Rose 324% to Rs. 94 crores, with a margin of 46%.
• Profit After Tax: Reported at Rs. 62 crores.
Fleet and Market Strategy
• Vessel Deployment: All six vessels deployed for 452 days.
• Expansion Plans: Commitment to fleet expansion and capitalizing on oil and gas sector growth.
• Asset Sale and Mergers: Ongoing discussions about consolidating vessel assets and potential mergers.
Asset Management
• Current Contracts: Revenue from existing contracts approximately Rs. 300 crores.
• Future Transfers: Dependent on contract renewals, with plans to transition contracts to Seamec by 2026-27.
• Revenue Potential: O&M contracts generating $10,000-$20,000 per day; full-service contracts $60,000-$70,000 per day.
Financial Projections
• CAGR Expectation: Anticipated growth of around 15% over the next 3-5 years.
• Margin Outlook: Expected to remain between 35% to 40%.
• Current Vessel Utilization: Approximately 90%.
Capital Expenditure (CAPEX) Strategy
• Funding: Primarily through internal accruals, supplemented by term loans.
• Long-term Contracts: Stable revenue growth expected from ONGC contracts and other segments.
Tax and Regulatory Environment
• Tax Rate: Low due to tonnage tax classification, encouraging Indian vessel registration.
• Contract Renewals: Optimism about potential rate increases in FY25.
Management Engagement
• Investor Communication: Commitment to ongoing engagement and transparency in financial dealings.
• Future Plans: Intent to transfer assets from the parent company to the listed entity while maintaining the EPC business separately.

Seamec Limited Q2 FY24 Earnings Conference Call Summary
Overview
• Date: November 8, 2023
• Host: Arihant Capital
• Key Management: Naveen Mohta (Whole-Time Director), Vinay Agarwal (CFO)
Company Operations
• Focus on:
• Offshore subsea support vessels
• Bulk carrier charter services
• Strong position in the oil and gas sector, particularly with ONGC.
• Business model insulated from crude oil price volatility due to long-term contracts.
• Confidence in growth of India's oil demand and strategic fleet investments.
Financial Performance
• Stand-alone revenue: INR 77 crores (12% YoY decline, 60% drop from Q1 FY24).
• EBITDA: INR 31 crores (33% YoY decline, 48% sequential drop; EBITDA margin: 40%).
• Profit after tax: INR 2 crores (down from INR 16 crores in Q2 FY23 and INR 45 crores in Q1 FY24).
• Gross debt: INR 196 crores; Net debt: INR 20 crores.
• Management expects improvements as operations stabilize.
Q&A Highlights
• Revenue Composition:
• 75-80% from offshore services.
• Shift expected to 90% offshore and 10% dry bulk.
• Fleet Management:
• Older vessels being replaced with newer assets.
• Two vessels currently dry docked.
• New Subsidiary:
• Seamec Nirman Infra undertaking a tunneling project with expected revenue of INR 27 crores.
Asset Management
• Recent asset acquisitions: $41.2 million for three vessels.
• Contracts for SEAMEC Paladin and SEAMEC Glorious commenced; others under existing contracts until mid-2024.
Future Outlook
• Growth targets:
• Revenue: 10-12% CAGR.
• Net income: 15-18% CAGR over the next 3-5 years.
• De-merger discussions ongoing; no specific timeline provided.
• Comfortable net debt position; no immediate need for additional loans unless for capital expenditures.
Industry Insights
• Offshore services expected to grow due to global asset shortages.
• Dry bulk shipping sector is fragmented with many small players.
• Positive outlook for both offshore and dry bulk sectors.