The shares of Dolphin Offshore Enterprises has been rising. Know why

Dolphin Offshore Enterprises Ltd., a provider of undersea services to oil explorers, rose for the second day on Friday after the company ordered two new ships in a bid to augment its existing fleet.

Dolphin said its wholly owned subsidiary, Dolphin Offshore Enterprises has entered into a contract with Paxocean Engineering Zhuhai Co. for the construction of two new vessels. The expected delivery of the vessels will be during the second half of the calendar year 2017.

Dolphin rose 4.45 rupees, or 4.3 percent, to 109.05 rupees on the National Stock Exchange where 4 lakh shares were traded. The company's market capitalisation has gained 15 percent in the past one year to 187 crore rupees and the stock still trades at 0.5 times its book value of 247 rupees.

Image credit: Indiatimes