Dolphin Offshore up 4% on Rs 270-cr ONGC contract

Dolphin Offshore Enterprises (India) is trading higher by 4% at Rs 87.40 on receiving contract worth of Rs 270 crore from the state-owned oil exploration company Oil and Natural Gas Corporation (ONGC).

“The company has received a Notification of award of contract for OGIP Power to ESP Project from ONGC vide their letter dated March 22, 2012," oil equipment & services provider said in a filing to the stock exchanges.

The schedule completion date of this contract is May 15, 2013 and the contract value is approximately Rs 270 crore, it added.

The stock opened at Rs 88.90 and touched a high of Rs 90.95 on the Bombay Stock Exchange. A combined 215,151 shares have already changed hands on the counter so far, against an average around 200,000 shares that were traded daily in past two weeks on both the exchanges.