Dolphin upbeat on foreign operations

Dolphin Offshore is eyeing a total revenue of Rs 1,000 crore in the same period, up from Rs 227 crore in 2007-08. It recorded a 10.6 per cent growth in revenues in 2007-08 over the previous year, with contribution from overseas operations at 10 per cent.

"Even if there is a correction in crude prices from the current levels, the demand for offshore services is going to be higher," said Navpreet Singh, joint managing director, Dolphin Offshore Enterprises.

The benchmark Brent crude touched an all-time high of $145.57 on Thursday, up from $93.89 at the end of 2007.

The production cost of crude oil in India is on the higher side at $20 a barrel. With the spot market prices estimated to cross $170 a barrel in September, oil producing companies are expected to explore deep water fields which incur high cost for producing oil.

This situation would further fuel the demand for services from companies such as Dolphin Offshore. "West Asia will account for almost half of our overseas operations," said Singh. The company also expects to expand into China, Iran and South East Asia.

The company plans to have a new construction barge in March to help enhance its overseas operations. It will also be adding two work boats by November.

The company in a notice to the Bombay Stock Exchange on Thursday said that it had been awarded a Rs 33-crore, two-month contract for providing diving services in Malaysia and South East Asia by a Malaysian company.