Otto Marine Orders Two AHTS Vessels from Indonesia

Otto Marine Limited, a leading offshore marine company which specializes in building complex offshore support vessels, repairs, conversion and fabrication and ship chartering, announced that the Group has secured new shipbuilding orders for building two offshore vessels for a total value of US$27.8 million.

The new shipbuilding contracts are for constructing two identical units of 5,150 bhp Anchor Handling Tug Supply Vessels (or AHTS). The two AHTS will be approximately 62 meters in length and will be constructed to meet ABS class requirements. The contracts are awarded by a renowned Indonesian operator that owns and operates a fleet of offshore and other vessels. The vessels are to be delivered in the second half of 2014.

The above-mentioned shipbuilding orders are expected to have a positive impact on the consolidated net tangible assets per share or earnings per share of Otto Marine for the financial year ending 31 December 2013.

On this occasion Mr 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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Otto Marine, March 11, 2013