DOEIL Posts Record Growth in 2009 as Independent EPC
On the occasion of its 30th Anniversary,DOEIL, India's leading underwater services company, today announced its financial results for the year ended 2008 -2009
Financial Highlights :
Presenting the results, the Joint Managing Director, Mr. Navpreet Singh said: "A large part of this growth in revenues and profits has come from the Company's qualification as an independent EPC contractor. Our strategy of tapping into international markets in China, Malaysia and Vietnam - particularly during the monsoon months when our resources remain idle - has also paid dividends."
Announcing the results, the Chairman, Rear Admiral Kirpal
Singh (Retd.), recalled the results of the first year, 1979-80, when the
company posted a turnover of Rs. 15 lakhs on a paid up capital of Rs 5500.
Since then, DOEIL has grown 2300 fold, expanding its portfolio from diving
services to offshore /onshore fabrication and installation services, marine
and ship repair services and has a growing fleet of vessels.
"DOEIL has posted its best year ever at a time of global recession, tumbling oil prices and an economic downturn that has affected the industry world wide," said the Chairman. "This is the fruition of years of effort to build a world class company providing integrated services to the offshore oil and gas industry. Yesterday, we hosted a national seminar to promote training, safety and sustainability in deepwater offshore operations at a time when the ocean temperatures were changing."
Explaining the company's strategy for future growth, the Managing Director, Mr. Satpal Singh, said: "Last year, we applied to the Gujarat Maritime Board for allocation of land in Jaffrabad in response to their invitation to companies to set up shipyards in Gujarat. We needed an independent facility including a fabrication yard with water front to win and execute turnkey EPC contracts. The allocation of this project involves a significant investment which will be done in three phases according to current plans. The first involves setting up a shipbuilding and fabrication yard with jetty."
The company also launched its improved website www.dolphinoffshore.com at the function. The site provides information for clients, media, investors and job seekers in a fast growing company.
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