Dolphin Offshore plans stake sale

As the country's offshore segment is heating up, the Mumbai-based marine operation and construction company, Dolphin Offshore Enterprises (India) Ltd, is planning to raise Rs 150 crore by diluting its stake, to finance overseas acquisitions and expansion of marine asset base.

"The company is planning to dilute its promoters' stake to 60 per cent from the current 72 per cent to finance expansion activities," Satpal Singh, joint managing director, Dolphin Offshore said.

He said the company is exploring options of private placement or issuing foreign currency convertible bonds (FCCBs) or global depository receipts (GDRs). However, there are no plans for a second public issue for the funds acquisition programme.

Other key players in the offshore segment are Great Eastern Shipping Company, Aban Lloyd and Seamec. Mercator Lines, too, is planning to foray into offshore business following the demerger of the offshore division of GE Shipping to Great Offshore.

The offshore activities of Dolphin Offshore, promoted by Rear Admiral Kirpal Singh, include diving, underwater services (air, mixed gas and saturation diving), fabrication, platform topside installation and marine constructions with rig repair services, Singh said.

The company's clientele includes ONGC, L&T, IOC, HPCL, SCI, GE Shipping and Coast Guard.

Dolphin Offshore is actively considering overseas acquisitions to expand its geographical base. We are planning to set up an office in UAE, which will give us an edge in carrying out marine operations in the Middle East," he said.

The company has also completed its pre-qualification as diving, marine and topside subcontractor with most of the international oil companies operating in the Middle East, he said.

Dolphin Offshore will also invest substantial amounts in the acquisition of assets including supply vessels, construction barge, advanced work boats, anchor handling tug vessels and diving equipments.

"The idea is to offer all dimensions of marine construction including operations, diving services and topside and fabricated services to execute offshore projects on turnkey basis. We are focussing on installation of Single Buoying Mooring system," Singh added.