#energytransformation

From 3 PM Crash to All-Day Energy: Sarah's Story

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How Deep Industries is transforming a distressed acquisition into a high-margin offshore platform

When Deep Industries acquired the Dolphin Offshore group, the move was initially defensive. The company was focused on survival, debt recovery, and managing a legacy of old offshore assets and unconfirmed receivables.

Auditors had flagged about ₹36,315.83 lakh of outstanding receivables from Dolphin Offshore Enterprises (India) Ltd., Kandla Energy and Chemicals Ltd., and Dolphin Offshore Shipping Ltd. Despite that, Deep kept faith in its recovery and long-term value.

But in 2025, the narrative shifted. The turning point: the DP2 dynamically-positioned accommodation barge “Prabha”, held under Beluga International DMCC, Dubai, began commercial operations in May 2025.

💡 Why the Barge Changed Everything

DP2 barges like Prabha can deliver nearly 60% EBITDA margins when utilization is stable and charter cycles hold up.

This is a level of profitability Deep’s onshore businesses — compression, dehydration, and workover drilling — could never structurally achieve. Those were rupee-denominated, rate-card-based contracts with predictable but limited upside.

Offshore brings something Deep Industries never had before: USD-linked day-rate cash flows.

📈 The Numbers Tell the Story

In Q2 FY26, Deep’s consolidated results reflect this transition:

Revenue: ₹221.0 crore (+69.2% YoY)

EBITDA: ₹112.9 crore (+74.7% YoY)

PAT: ₹71.2 crore (+71.4% YoY)

For H1 FY26, the company posted ₹420.5 crore in revenue and ₹132.9 crore in PAT — supported by an order book exceeding ₹3,050 crore.

⚙️ From Legacy Assets to a Platform Play

Deep is now morphing Dolphin Offshore into a multi-asset, service-integrated platform — not a loose collection of stranded vessels.Asset / CapabilityStrategic RolePrabha – DP2 Accommodation BargeOffshore living quarters, commissioning, and support projectsPSV & AHTS VesselsPlatform resupply, subsea support, and marine logisticsMarine Operations & Crew ManagementEnables Deep to execute integrated offshore campaigns

🔁 The Annuity Engine Behind the Risk

Even as the offshore business gains traction, the ₹1,402 crore, 15-year Production Enhancement Contract (PEC) with ONGC at Rajahmundry provides a stable onshore base — a long-term annuity that underwrites offshore expansion.

🧭 The Strategic Hinge

The future lies in bundling — offering the barge + PSV/AHTS + crew + engineering as an integrated offshore service rather than standalone hires.

If Deep succeeds, it transitions from being a cyclical offshore player to a structural dual-engine enterprise — where one quarter of high vessel utilization can reshape the entire earnings curve.

From legacy to leverage — Deep Industries is proving that in the offshore game, transformation begins not at acquisition, but at integration.