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:
- Losses from its subsidiary Reflect Geophysical Pte. Ltd. mainly due to low utilization of its seismic vessel;
- Impairment of investment and provision of doubtful debts owing to its subsidiary, Reflect Geophysical Pte. Ltd. (following the announcement on 5 February 2013);
- Impairment of investment and provision of doubtful debts in an investee company (following the 2QFY2012 results announcement on 14 August 2012); and
- 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.