Otto Marine Wins Two AHTS Construction Contracts
Singapore headquartered Otto Marine to build two Anchor Handling Tug Supply (AHTS) vessels for an Indonesian operator.
The new shipbuilding contracts, with a total value of US$27.8 million 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 were awarded by an un-named 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.
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.”
Otto Marine Limited is an offshore marine group engaged in specialized shipbuilding of offshore vessels for primarily Deep Sea applications. Headquartered in Singapore, the company owns and operates one of SE Asia's largest shipyards in Batam, Indonesia.