Otto Marine Shipping Signed New Contracts

SINGAPORE-listed Otto Marine has clinched three new shipbuilding contracts worth $23m and scheduled the delivery of vessels in the fourth quarter of 2017.

News ID: 60534

Date: 23 February 2016 - 15:36

The contracts include a product oil tanker with a cargo oil tank capacity of 8,300 cubic metres and two ferries of 1,200 gross tonnage each, Otto Marinesaid in a filing to the Singapore stock exchange.
The offshore marine company said the contracts are expected to contribute positively to its 2016 and 2017 financial performance.
“As the weak oil prices continue to weigh on oil and gas, and offshore and marine sectors, we put relentless efforts in creating revenue streams across our business segments, including diversification of our business exposure by offering extended vessel portfolio at the shipyard,” Otto Marine group chief executive officer Michael See said in a statement.
Otto Marine said an Indonesian firm ordered the product oil tanker while an Indonesian state-owned enterprise placed the orders for the ferries. It gave no other details.
Offshore Marine operates 64 offshore vessels and one of the largest shipyards in Batam, Indonesia. The company is set to release 2015 financial results on February 26 after trading hours.