New AHTS Orders Revive Otto Marine’s Shipbuilding Business

Singapore’s Otto Marine Limited has announced that its subsidiary, PT Batamec Shipyard Indonesia, has entered into a shipbuilding contract with a renowned Indonesian operator to build two units of 5150 HP Anchor Handling Tug Supply (“AHTS”) vessels for an agreed price of US$27.8 million.

Michael See, Group Chief Financial Officer said:“During the last year or so, we focused our resources under our shipbuilding segment towards finishing and delivering the orders that were on hand. We have also done some restructuring and consolidation in our yard which enhanced our efficiency and reduced the costs. With all these efforts combined, we are now in a much better position to revitalize and grow our shipbuilding segment and securing these new build orders reiterates our commitment to revitalize and focus in our core competency in this segment under the Otto Group. These new orders are the first shipbuilding contracts that we have taken in almost two years. Under our shipbuilding segment, besides building high-spec and complex offshore vessels, we also have ship repair and fabrication capabilities.”

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March 11, 2013