Dolphin Offshore Enterprises sold anchor handling tugs vessels

Dolphin Offshore Enterprises slided 7.74% to Rs 190.05 on BSE after the company said it has sold anchor handling tugs vessels, Godavari Dolphin and Krishna Dolphin for a consideration of $7.53 million.

The company made this announcement after trading hours on Wednesday, 5 March 2008.

On BSE, the counter saw thing volume of 14 shares in early trade. The scrip had an average daily volume of 8,411 shares in the past one quarter.

The stock hit a high of Rs 220.90 and a low of Rs 204.55 far during the day. The stock had a 52-week high of Rs 363.95 on 31 December 2007 and a 52-week low of Rs 162.55 on 8 March 2007.

The small-cap scrip had underperformed the market over the past one month till 5 March 2008, declining 14.08% compared to the Sensex’s fall of 11.37%. It had underperformed the market in the past one quarter, declining 31.03% compared to Sensex’s decline of 16.44%.

The company’s current equity is Rs 9.56 crore. Face value per share is Rs 10.

The current price of Rs 220.90 discounts Q3 December 2007 annualized EPS of Rs 5.36, by a PE multiple of 41.21.

Dolphin Offshore Enterprises’ net profit declined 67.9% to Rs 1.28 crore on 8.3% growth in net sales to Rs 46.76 crore in Q3 December 2007 over Q3 December 2006.

The company provides offshore services to the oil and gas industry. The services include diving and underwater services, marine operations and management services, turnkey marine construction services, topside or fabrication services, inspection, maintenance and modifications of offshore structures, ship repair services.