The Hindu Business Line : Dolphin Offshore eyes EPC contracts for growth

Dolphin Offshore Enterprises (India) Ltd (DOEIL) is looking at Engineering procurement installation and commissioning (EPC) contracts for its future growth. Currently offering integrated services to off-shore oil and gas industry, the company is also eyeing onshore jobs, such as refinery maintenance.

Dolphin recorded 187 per cent growth in turnover from Rs 47.5 crore in 2003-04 to Rs 135.37 crore in 2005-06. Net profit grew by close to 300 per cent from Rs 1.55 crore to Rs 6.19 crore.

Speaking to Business Line, Mr Satpal Singh, Joint Managing Director of DOEIL said that the company earns 85 per cent of its revenue through turnkey business in marine operations and management, diving and underwater services, and offshore fabrication and installation.

According to him, in the offshore activities, Dolphin's future growth will hinge heavily on its recent tie-up with NaftoGaz of Ukraine and the 60:40 joint venture with drilling services company GlobalSantaFe.

The joint venture with GlobalSanta will train manpower for the latter's interest in the increasing off-shore drilling sector in the country. The company, however, has no plan for entry in drilling sector or acquisition of drill ship.

Mr Singh said that keeping in tune with the exponential growth in offshore oil and gas sector in India, Dolphin Offshore would also record a higher growth than last year. On onshore activities, Mr Singh that the company had taken up a few projects for Nuclear Power Corporation and HPCL's Mumbai refinery in the past. "Given the high growth rate of refining sector in the country we may take up refinery maintenance jobs in the future."