Dolphin Offshore to acquire Procyon
Offshore Enterprises India Ltd, which provides integrated services to the offshore oil and gas industry, has decided to acquire shipping company Procyon Offshore Services Pvt Ltd for Rs 13.5 crore.
By PTI |
MUMBAI: Dolphin Offshore Enterprises India Ltd, which provides integrated services to the offshore oil and gas industry, has decided to acquire shipping company Procyon Offshore Services Pvt Ltd for Rs 13.5 crore.
At the meeting held today, the board approved the proposal to acquire the entire shareholding of Procyon from its promoters subject to completion of further formalities.
Procyon's main business activity is ship owning and it has a fleet of seven tugs and one utility vessel.
The acquisition would enable Dolphin Offshore to increase level of its offshore activities and also reduce the charter hire rate charges, it informed the Bombay Stock Exchange.
Shares of Dolphin Offshore closed at Rs 237.45, down 4.37 per cent at the BSE.
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