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.


 

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USCG Free Boat from Ice Near Woods Hole

A Coast Guard crew responded to a fishing vessel trapped in ice in Woods Hole Passage, Woods Hole, Massachusetts, Saturday. At about 3 p.m., the crew of the fishing boat Capt.

Tug Boat Owner Jailed After Crew Man Dies

A tug boat owner was today was given an 8 month custodial sentence after his crew member died trying to reattach a tow line in a violent storm. During today’s hearing at Southampton Crown Court,

COMPIT to Showcase Smarter Ships, Systems & Solutions

The 14th International Conference on Computer and IT Applications in the Maritime Industries (COMPIT) will take place from 11th to 13th May 2015 in Ulrichshusen, Germany.

Finance

Indian Ports to Set Sail on Corporatization

Indian Finance Minister Arun Jaitley said in Union Budget 2015 that government-run ports in India will be encouraged to corporatize and become companies under the Companies Act.

Zvezda Shipyard Comes Up Despite Western Sanctions

German and Finnish partners continue to build Russia’s Far Eastern “Zvezda” shipyard for Arctic oil exploration ships, in spite of Western sanctions, reports Sputnik.

ADB Okays $30mln for Pak LNG Terminal

The Asian Development Bank (ADB) has approved a $30 million project loan to Engro Elengy Terminal Private Limited, a special purpose company which will build Pakistan’s

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1792 sec (6 req/sec)