Dolphin Offshore Acquires Procyon Offshore Services

Dolphin Offshore Enterprises India Ltd has completed the acquisition of Procyon Offshore Services Pvt Ltd (Procyon). Now, Procyon has become a wholly owned subsidiary of the Company.

Procyon's main business activity is ship owning and has a fleet of seven tugs and one utility vessel. This acquisition will help the Company to increase the level of its offshore activities and also reduce the charter hire rate charges. This company is already approved for the benefit of tonnage tax.