Otto Marine’s PT Batamec Secures Fabrication Contracts

Otto Marine Limited, an offshore marine company which specialises in building complex offshore support vessels, ship chartering and offers ship repair and conversion and fabrication services, announced that PT Batamec, its Indonesia-based shipyard, has secured contracts to fabricate, assemble and deliver four pre-erected columns and pontoon blocks worth a total of S$6.3 million.

Secured from a renowned Singapore-based customer, these contracts are a significant milestone in Otto Marine’s bid to expand and to strengthen its shipyard operations and presence in the robust offshore oil and gas industry in the region. The fabrication and assembly of pre-erected columns amounts to a contract value of S$2.7 million, while the pontoon blocks amounts to a contract value of S$3.6 million. Both projects are scheduled for delivery in June 2013.

Mr Michael See, Executive Director & Group CFO said.

“After a thorough restructuring and consolidation of our shipyard operations over the past years, the Group is now better prepared to maximise our capabilities in shipbuilding, ship repair and conversion and fabrication. Since the beginning of 2013, the Group has made further progress in building our order book, and these contracts serve as an encouragement for us to push harder, to do more. Slowly but surely, Otto Marine is reviving its shipyard operations to reflect the healthy state of the region’s offshore oil and gas industry,” .

These contracts are expected to have a positive contribution for the financial year ending 31 December 2013.

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Press release, March 26, 2013