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• Otto Marine shipyard secured contracts for one product oil tanker and two ferries from two Indonesian customers • New contracts came along with Group’s efforts in diversifying and expanding product portfolio in a weak market • New contracts are expected to make positive contribution to Group’s FY2016 and FY2017 financial performance Singapore, 22 February 2016 Otto Marine Limited, (“Otto Marine” or the “Group”), a leading offshore marine company that specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, announced today that its shipyard has secured three new shipbuilding contracts worth a total of USD23 million. The contracts include one unit of 6,500 LTDW (Long Tons Deadweight) product oil tanker, which will be ABS-class, measuring 109 meters in length, with cargo oil tank capacity of 8,300 cubic meters. The other two contracts were for two units of 1,200 GT (Gross Tonnage) ferry. The order for the product oil tanker was placed by a local Indonesian firm, and the orders for the ferries were placed by an Indonesian state-owned enterprise. Commenting on the new shipbuilding contracts, Mr. Michael See, Group CEO said, “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. It’s encouraging to secure the shipbuilding contracts as the new year unfolds, which marked a stimulating start for 2016. Our shipyard will strive to ensure timely delivery of the vessels with top-notch quality. Riding on our shipbuilding capabilities, strong reputation among customers and the business network, we will also try to create a momentum and continue to seek new contracts. The vessels are scheduled to be delivered in 4Q2017, and we expect they will make positive contribution to the Group’s financial performance for FY2016 and FY2017.” About Otto Marine Limited (OTML.SP) Otto Marine Limited ("Otto Marine" or the "Company") is an offshore marine group, which owns and operates a large fleet of offshore support vessels and is engaged in specialized shipbuilding of offshore vessels for primarily Deep Sea applications. The shipbuilding includes ship repair and conversion. Headquartered in Singapore, the Company owns/leases and operates 64 offshore vessels and one of the largest shipyards in Batam, Indonesia - one of the most sophisticated yards in Asia Pacific. The yard is building to ABS, DNV and Norwegian class standards. Its customers are primarily deep sea and offshore operators and equipment companies who provide logistics support and offshore services to companies operating globally in the oil and gas industry. Otto Marine’s specialized approach has allowed it to build up its expertise operating a large offshore fleet and through its shipyard constructing high specification deep sea and offshore support vessels. This quality and level of sophistication has enabled the Company - as one of the few in Asia - to gain recognition as a Marine Services company operating a large deepwater fleet of support vessels with its shipyard focusing on its fabrication, ship repair and building for local content requirements of its clients. Otto Marine was successfully listed on the Main Board of Singapore Exchange Securities Trading Limited (the “SGX-ST”) on 28 November 2008. For more information, please visit the Company’s website at http://www.ottomarine.com Otto Marine press release |
