Dolphin Offshore bags Rs 304 cr order from ONGC

Mumbai, Sep 8 : Dolphin Offshore Enterprises India on Monday said it has bagged two contracts worth Rs 304 crore from the state-run Oil and Natural Gas Corporation, fuelling its share price to surge 20 per cent.

In a filing to the Bombay Stock Exchange the marine operation company Dolphin Offshore said it has been awarded engineering, procurement and construction (EPC) contract worth Rs 304 crore from ONGC, to be completed by 2009.

Shares of the company, which opened at Rs 255, gained Rs 46.85 or 20 per cent during the day to hit its upper circuit of Rs 281.15.

Under the contract Dolphin Offshore has secured a 27.03 million euro (about Rs 172 crore) project to be completed by June 2009, and another about Rs 131 crore project to be completed by December 2009.