Dolphin Offshore Enterprises is a niche company in offshore oil exploration services.Company is providing under water services to oil exploration companies .Their work includes Under water construction services entailing modification and redevelopment of existing offshore facilities,Pre-engineering surveys,Diving support for pipe laying, including pipe line stabilization,Inspection, maintenance and repairs of platforms,Installation and replacement of tie-ins, risers and conductors,Underwater ship repair and maintenance Rig support Diving services including UWILD surveys,Inspection required for various certifying bodies such as ABS, DNV and USCG certifications ROV services ..etc.There are very few companies are operating in India in this field. Company’s performance was very good till few years back.But its turnover and margin declined along with the decline of oil prices in last few years.When there is a crash in oil prices , exploration companies cut their budgets and postponed many projects.Such a situation reduces the opportunities in this field and many foreign companies submit their bids at very lower rate to capture the available minimum opportunities. Because of this reason Dolphin didn’t get any major contracts for the past few quarters.Now with the rising trend in oil prices,situation is again improving and it is expected to gain the momentum going forward.Recently company received a contract from ONGC worth Rs.270 Cr to be completed in 15months.It is expected to add further orders going forward with improving oil prices.Management of this company is an investor friendly one and issued bonus shares twice in last 5 years.In recent times promoters are aggressively bought shares from open market which is another positive point to note.At CMP of Rs.84/- one may consider it for long term.
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