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Dolphin Offshore Enterprises (I) Ltd.

BSE: 522261 | NSE: DOLPHINOFF | Series: NA | ISIN: INE920A01011 | SECTOR: Oil Drilling And Exploration

BSE Live

May 26, 16:00
4.18 0.00 (0.00%)
Volume
No Data Available
54
  • Prev. Close

    4.18

  • Open Price

    4.18

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    4.18 (2)

Dolphin Offshore Enterprises (I) is not traded on BSE in the last 30 days

NSE Live

May 26, 15:32
3.80 0.00 (0.00%)
Volume
No Data Available
1,625
  • Prev. Close

    3.80

  • Open Price

    3.65

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Dolphin Offshore Enterprises (I) is not traded on NSE in the last 30 days

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Chairman's Speech

Dear Shareholders, It gives me pleasure to present the details of the performance of your Company for the Financial Year 2010 - 2011, which are more particularly described in the Annual Report, copy of which is enclosed. The results of the Company have not been as good as I would have liked them to have been. The turnover was Rs.276.76 crores during FY10/11 on a standalone basis, as compared to Rs.532.47 crores for the FY09/10; the profit was down by 52% to Rs. 22.42 crores and EPS was down by 54% to Rs. 13.90. The main reason for the Company''s poor performance this year was that despite the fact that the Company bid for several ONGC contracts competitively, it missed some of the major contracts by narrow margins. Major international offshore construction companies feeling the crunch of the international slow down resulting in limited work opportunities in their traditional areas, had cut their prices drastically to win major ONGC contracts. They cut prices to approximately 40% below ONGC''s budgeted expenditures so as to be able to enter the Indian market. They could afford to do this as they had owned assets that they could put to work with marginal returns. While the Company continued to be cost competitive in its areas of core competency, the high cost resources which the Company had to hire from outside for these green field projects negated this advantage. In order to be able to compete with these parties for the forthcoming projects and to be on a more equitable footing, your Company has planned to synergise its capabilities with other players having resources and capabilities, both Indian and international, that the Company lacks so as to bring together a more cost competitive front. At the same time, international oil activity has already shown signs of picking up. Saudi Arabia has set development plans in place to enhance their production output by close to 1 million tons of production and will spend close to 20 billion dollars in this activity alone. Abu Dhabi has scheduled development and ongoing expenditures of around 16 billion dollars for their offshore fields and Qatar has plans to spend close to 18 billion dollars. The Company has been successful in getting prequalified by both Saudi Aramco and Ras Gas and has already submitted tenders to both these operators. ONGC continues with its development plans and the Company will be responding to ONGC for its more than 1 billion dollars worth of tenders that the Company is qualified for, either on its own or in consortium with other parties. Your Board is confident that the worst is behind us and the future continues to be promising for the Company. The Company''s Board of Directors have recommended a dividend of Rs.1.50/- per share of Rs.10/- each subject to the approval of the shareholders. It gives me great pleasure to inform my fellow shareholders that work on the new construction barge, Vikrant Dolphin, to be owned by Dolphin Offshore Enterprises (Mauritius) Pvt. Ltd., is almost complete. The arrival of the new barge early next year, will add to your Company''s competitiveness significantly. Overall, we remain bullish about the future prospects of your Company. During March 2011, in spite of stiff competition from abroad, your Company has been awarded a contract from SCI for providing diving services on ONGC''s vessels Sevak and Prabha which is a one-year contract, with an option to extend up to 18 months. Your Company is also vigorously trying to get some projects abroad. Extension of Charter Hire of Seamec-1 for 2 years 1 year extension (optional) and the delivery of the above new barge will help your Company in participating bidding directly as main bidder / consortium partner or sub contractor for high value tenders. ONGC is likely to come up to Rs.4000 crores worth tenders on brown field job soon. Your Company has a competitive advantage in the brown field projects over the green field projects. The Company is conscious of the importance of being competitive in the present day market conditions and has taken several cost-cutting measures. I am confident that with these steps the company will soon resume its upward growth trend. Your Company has consistently adopted high standards of Corporate Governance. Good Corporate Governance is always part of the Company''s business philosophy. The effort of your Company is not only to comply with regulatory requirements but also practice Corporate Governance principles based on integrity, transparency and overall corporate accountability. I am grateful to the Board of Directors for their support and guidance and also to all customers, bankers, financial institutions, Government and regulatory authorities, shareholders and most of all to all the employees for their valuable support and co-operation. I look forward to your continued support, trust and participation in the growth of the Company. With warm regards, Rear Admiral Kirpal Singh Executive Chairman