I am happy to inform you that this year has been very significant as
your Company, working as a consortium member, has completed two
offshore construction EPC contracts for ONGCL successfully.
Consequently, your Company is now recognized and approved by ONGCL for
undertaking offshore construction EPC contracts directly and
independently. This qualification will enable your Company to have
more freedom for bidding for new contracts which will strengthen the
Companys future growth prospects.
I am also pleased to state that despite having faced adverse weather
conditions which has reduced the offshore working season to around 5
1/2 months as against a normal working season of 7 - 8 months,your
Company has been able to increase its turnover upto Rs.227.70 crores,a
10% increase over last year. Net profits after tax have also increased
by 9.6% to Rs.16.26 crores.Your Company has declared dividend of 25%
despite enhancement in share capital.
On the vessel front, work on the two workboats cum supply vessels and
the accommodation barges is progressing. However, the shipyards have
encountered some delays and the two workboats are expected to be
delivered to us by November, 2008 while the barge will be delivered by
The two anchor handling and towing supply vessels, Krishna Dolphin and
Godavari Dolphin have been sold during the year at a profit of
approximately Rs.12.60 crores. Further during the beginning of 2008-09
the other two vessels owned by the Company, Brahmaputra Dolphin and
Ganga Dolphin have been transferred to your wholly owned subsidiary
Procyon Offshore Services Limited, which will be the company
responsible for all marine activities for the Dolphin Offshore group.
The Company has received In principleapproval from the Gujarat
Maritime Board for setting up its shipbuilding, ship repair cum
fabrication yard at Jafrabad,Gujarat.Workon preparation of the detailed
project report and environmental studies are currently underway in
order to get the Environmental and CRZ clearances so that the
allocation of land and development of the infrastructure can commence.
It is expected that these clearances will be received by June 2009.
Your Company has also relocated all its offices to its new leased
premises at CBD Belapur (Navi Mumbai).This relocation has enabled all
divisions of the Company to operate under one roof and also to cater
for the future expansion requirements of your Company.This relocation
in turn has helped in establishing better co-ordination and control of
activities between the different divisions, which is necessary for
successful completion of turnkey projects.
I am also happy to inform you that discussions with the Government of
India, the Norwegian Government and International Institutions are
progressing well for the development of a training centre in India for
divers, diving technician and ROV personal and for the setting up of a
state of the art institute for research and development of underwater
and deepwater technology.
As may be seen from the above, your Company is progressing well along
the path planned for future sustained growth, which I had shared with
I take this opportunity to acknowledge and thank my fellow Board
Members for their advice and guidance in steering the Company on its
path for growth and excellence. I also wish to express my gratitude and
appreciation to our very committed and capable team of employees who
have contributed significantly in building up the reputation of your
Company for reliability, diligence and dependability.