Second-quarter net profit at India-based Dolphin Offshore Enterprises plunged 92% and revenue sank by 29.5% compared to year ago figures, Seatrade Asia online reports. The Mumbai-listed offshore supply vessels owner posted second-quarter net profit of INR14.23m ($285,120), down from INR177.9m in the same period of last year. Revenue also declined to INR343.2m compared to INR487m a year earlier.
Meanwhile, Dolphin Offshore announced that it has taken extra time to complete two of its engineering, procurement and construction (EPC) contracts beyond the scheduled contract completion date due to the burden of additional work.
“The potential liability for liquidated damages resulting from the extended completion date as on 31 March 2011 was INR283m. Further, liability in respect of the same for the quarter ended 30 September 2011 amounts to INR3.8m,” the company stated.
No provision for the delay in the EPC contract completion date has been made in the company's books to-date.
Meanwhile, Dolphin Offshore announced that it has taken extra time to complete two of its engineering, procurement and construction (EPC) contracts beyond the scheduled contract completion date due to the burden of additional work.
“The potential liability for liquidated damages resulting from the extended completion date as on 31 March 2011 was INR283m. Further, liability in respect of the same for the quarter ended 30 September 2011 amounts to INR3.8m,” the company stated.
No provision for the delay in the EPC contract completion date has been made in the company's books to-date.