Otto Marine Appoints Michael See as CEO
Offshore marine company Otto Marine Limited announced today the appointment of executive director Michael See Kian Heng as new chief executive officer. “I would like to extend my appreciation to the Board of Directors for their recognition and continual support of me," See said. "The volatility and declining oil prices present a challenging market. The former Otto Marine CEO, Garrick James Stanley will take up the role of president of the shipping and chartering segment, which is the largest company segment contributor.
Otto Marine's Financial Health on the Mend
Michael See Kian Heng, Group Executive Director of Singapore-based offshore vessel owners & shipbuilders Otto Marine, says that his company reported revenue of US$512.0 million in year 2013, an increase of 36.8% over US$374.4 million in 2012. The shipping and shipyard segments were the main contributors to 2013’s revenue at 51.9% and 43.5% respectively. Revenue from the shipping segment remained stable at US$265.6 million in 2013. As at 31 December 2013, the Group’s fleet has expanded to 65 vessels, consisting of 23 owned vessels, 35 chartered in vessels and 7 vessels held with strategic partners. During the year, our fleet profile was significantly enhanced with the additions of Go Phoenix and Go Pegasus, which will be deployed to the North Sea.
Singapore Firm Changes Shipyard Executive Team
Otto Marine, owners & operators of Indonesia's largest shipyard, announces changes to it senior management. Mr. Mr. Mr. Deputy President Mr. Mr. Aw Chin Leng has voluntarily resigned from his position as Executive Director and Deputy President due to personal reasons. He was previously responsible for the general management of all shipyard activities and general operational management. Otto Marine Limited is an offshore marine group engaged in specialized shipbuilding of offshore vessels for primarily deep sea applications. The shipbuilding work includes ship repair and conversion and fabrication. In addition, Otto Marine charters out its own fleet of Anchor Handling Tugs and Offshore Supply vessels for mainly deep sea operations.
