Otto Marine Profit Warning

Press Release
Wednesday, February 13, 2013

Singapore-based Otto Marine & group subsidiaries issue a warning regarding its forthcoming financial results.

Otto Marine Group is expected to report a loss for the financial year ended 31 December 2012 largely due to, amongst others, the following:

  1. Losses from its subsidiary Reflect Geophysical Pte. Ltd. mainly due to low utilization of its seismic vessel;
  2. Impairment of investment and provision of doubtful debts owing to its subsidiary, Reflect Geophysical Pte. Ltd. (following the announcement on 5 February 2013);
  3. Impairment of investment and provision of doubtful debts in an investee company (following the 2QFY2012 results announcement on 14 August 2012); and
  4. Lower utilization of the shipyard mainly due to no new shipbuilding order being secured.

This profit warning is based on a preliminary review of the unaudited financial results of the Group. Further details of the Group’s performance will be disclosed when the Company announces its unaudited financial results for the financial year ended 31 December 2012 in due course.

Otto Marine Limited is an offshore marine group specialising in the subsea and deep sea segment. The Group has three distinct business divisions, shipbuilding of specialised offshore support vessels ("OSV"), ship chartering and specialised offshore services operation. Its high-tech shipyard is strategically located in Batam, Indonesia, close to Singapore.


 


People & Company News

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

MN100: TPG Marine Enterprises, LLC

The Company: TPG Marine Enterprises, LLC is an operations, logistics and consulting company that specializes in all aspects of cargo movement on the Inland Waterways System.

MN100: R.W. Fernstrum & Company

The Company: R.W. Fernstrum & Company set the standard in marine heat exchangers over 65 years ago, building a reputation focused on innovation. Today, its commitment is to continual improvement,

Finance

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

China COSCO Falls to H1 Net Loss

China COSCO Holdings Co Ltd fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday.

Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects

 
 
Maritime Contracts Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1225 sec (8 req/sec)