Dolphin Offshore surges as arm gets extension of barge contract

The stock rallied 8% to Rs 210 on BSE.

Image
SI Reporter Mumbai
Last Updated : Dec 08 2014 | 10:17 AM IST
Dolphin Offshore Enterprises (India) has surged 8% to Rs 210 on BSE after the company said its wholly-owned subsidiary has received an extension of contract for its accomodation barge Vikrant.

The company’s wholly owned subsidiary Dolphin Offshore Enterprises (Mauritius) Private Limited has announced a contract in October 2012, from Representaciones Y Distribuciones Evya S.A., de DV for the bareboat charter hire of the Vikrant Dolphin - DP2 barge and A.M.S Divine vessels to be deployed in Mexican waters for firm period of 1 year extendable for 3x1 option.

The above charter has confirmed the extension of its current contracts with the Mexican clients for its DP2 accommodation barge, Vikrant Dolphin for a further period of 3 years commencing from January 1, 2015, Dolphin Offshore said in a statement.

The Anchor Handling Tug, Divine Dolphin will be released from charter at the end of the current contract period expiring on December 31, 2014 as the vessel cannot operate as a foreign flag vessel in Mexico any longer.

The charter rate payable for the Barge is US$42,000 per day, representing a 12% increase in charter rates, or a contract value of $46 million (approx Rs 285 crore).

The stock opened at Rs 200 and touched a high of Rs 212 on BSE. A combined 710,336 shares changed hands on the counter till 1006 hours on BSE and NSE.
 

More From This Section

First Published: Dec 08 2014 | 10:08 AM IST

Next Story