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Otto Marine Limited News

08 Jun 2016

Otto Marine Gets Acquisition Offer

After last week's media reports that an undisclosed party was looking to buy Singapores offshore marine company Otto Marine Limited, the company said that it received a proposal from RHB Securities Singapore Pte Ltd (RHB). RHB is the financial adviser to the potential offer. The name of the potential party who is looking to buy the company is undisclosed. If the acquisition materialises, Otto Marine may be the first in the struggling sector to be privatised. "On Sunday, June 5 2016, (Otto Marine) informed RHB that if no formal proposal is received by 5pm on June 6, pursuant to Chapter 13 of the Listing Rules, the company will proceed to lift the trading halt on its shares at the commencement of trading on June 7.

04 Apr 2016

Otto Marine Offloads Support Vessel for $38mln

Singapore-based Otto Marine Limited has signed a  Memorandum of Agreement to sell a Work Maintenance Vessel known as SOC  ENDEAVOUR to an unspecified party through  its wholly owned subsidiary,  Koi  Marine Limited.    The  sale of the vessel  will reduce its inventory on hand and  is part of  the ordinary course of business of the shipyard business.   “The sale of the vessel will reduce its inventory on hand and is part of the ordinary course of business of the shipyard business,” offshore services provider Otto Marine said.    Financial details and the name of the buyer were not disclosed.   The sale is expected to have a positive impact on its earnings for the financial year ending 31 December 2016.

12 Jan 2016

Otto Shipyard Eyes Expansion in Asia

Otto Marine Limited, an offshore marine company specializing in building complex offshore support vessels, ship chartering and offers specialized offshore services, has announced that its wholly-owned subsidiary, Otto Marine Shipyard Pte Ltd, has entered into a Memorandum Of Understanding (MOU) with a port operator to explore the potential development of a fabrication and marine facility. The proposed development is strategically located in close proximity to Singapore and to the South East Asia region oil and gas fields. Otto Shipyard currently operates a 65 hectare shipyard through its sister company PT. Batamec. The Proposed Development will use a fraction of the yard space and is not expected to cause any disruption on PT. Batamec's existing shipyard facilities.

03 Sep 2015

Otto Marine Signs Contracts to Supply 2 AHTS Vessels

Go Offshore,  wholly-owned subsidiary of Otto Marine has entered into an agreement for two long-term anchor handling tug supply (AHTS) charter contracts worth USD25.2 million with a large oil and gas company. The two contracts are in respect of two 16,000 brake horsepower (bhp) large anchor handling tugs supply vessels. None of the Directors or controlling shareholders of the Company has any direct or indirect interest on the above transaction other than through their respective shareholding interests, direct or indirect in the Company, Go Offshore or Go Marine. The transaction is expected to have a positive impact on the consolidated net tangible assets per share or earnings per share of the group for FY15.

20 Aug 2015

Work Maintenance Vessel Delivered to Otto Marine

Nautical Aliya (Photo: Otto  Marine)

Otto Marine Limited, an offshore marine company, announced that further to a long-term bareboat charter contract that was secured in June 2015, it has taken delivery of a 238-man work maintenance Vessel to fulfill that charter. The delivery ceremony for the vessel, Nautical Aliya, was held at a shipyard in China today. Nautical Aliya is the first unit of the DPS-2 work maintenance vessel series completed. The second unit is currently under construction and will be completed by the end of this year. The vessel measures 85 meters in length and 23 meters in width.

14 Aug 2015

Otto Marine 2Q Losses Lower

• Marked improvement in performance as losses after tax for 2Q2015 reduced to US$2.5 million from US$13.3 million in 1Q2015. Otto Marine Limited, a leading offshore marine company that specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, is pleased to announce their financial results for the second quarter 2015. The Group posted US$71.2 million in revenue for 2Q2015. This represented a 51.9% decrease quarter-on-quarter compared with 1Q2015 and a 36.4% decrease year-on-year  compared with 2Q2014 due to a reduction in fleet size and lower charter rates, and decrease in ship conversion revenue. Gross profit increased 655.6% q-o-q to US$14.3 million in 2Q2015 due to lower cost of sales.

29 Jun 2015

Otto Marine Secures $131 mln in New Contracts

Otto Marine Limited, an offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, has announced that in the second quarter of financial year 2015 (Q2FY2015) till date, the group has secured new orders worth $131 million, primarily contributed by the chartering business. The substantial increase in new chartering contracts was attributable to the group’s strategy to improve the utilization rate of the fleet, in view of the potential cost that idle vessels will incur. Utilization rate for the group’s chartering business has improved for Q2FY2015 against the last few quarters.

11 Jun 2015

Otto Marine Bags $27mln Charter Contract

Photo: Otto Marine

Otto Marine Limited, a builder and charterer of complex offshore support vessels and specialized offshore services provider, announced that its wholly-owned subsidiary, Swordfish 1 Pte Ltd, has entered into a long-term bareboat charter contract worth $27 million. The 238-man work maintenance vessel measures 85 meters in length and 23 meters in width, and has a clear deck area of 635 square meters. It is DPS-2 classified, and is equipped with a deck crane of 80-ton lifting capacity.

04 Jun 2015

Otto Marine Redeems Preference Shares, Cuts Staff

Singapore-listed Otto Marine Limited said one of its subsidiaries – GO Marine Investments Pte Ltd –  had fully redeemed preference shares from a Singapore private equity firm for S$12 million in cash. “The above transaction is not expected to have any material financial impact on the consolidated net tangible assets per share or consolidated earnings per share of the Company and the Group for the current financial year ending 31 December 2015,” the company said in a regulatory filing. The private equity firm had in September 2013 subscribed for S$10 million redeemable preference shares in Go Marine Investments Pte Ltd. Meanwhile, The Straits Times reported that Otto Marine has reduced its staff by 30% as part of its restructuring efforts announced earlier this year.

15 Apr 2015

Otto Marine Builds 4 Vessels for PTK

Photo: Otto Marine

Otto Marine Limited, an offshore marine group which owns and operates a large fleet of offshore support vessels with a worldwide presence, complemented by a technically proven shipyard, announced today that its shipyard, PT Batamec, has completed the construction of two units of harbor tug and two units of anchor handling tug supply (AHTS) for PT Pertamina Trans Kontinental (PTK). A delivery ceremony was held for the four vessels on March 27, 2015 at the Group’s shipyard in Batam, Indonesia.

02 Apr 2015

Otto Marine Appoints Michael See as CEO

      Michael See Kian Heng, new CEO of Otto Marine Limited (photo courtesy of Otto Marine)

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.

29 Dec 2014

Otto Marine Sells AHTS for $100 mi

Otto Marine Limited sold an Anchor Handling Tug Supply Vessel to a renowned unrelated third party for US$100 million. DNV classed and Norwegian-designed, the VS491 21,000 bhp AHTS is a hybrid propulsion diesel electric driven vessel with dynamic positioning 2 (DP2) technology. It measures 91.5m in length and 22.5m wide and has a bollard pull of 240 to 260 tonnes. The Vessel can also operate and handle large rigs in the ultra-deepwater region including the harshest environments of the North Sea region. This AHTS is the 4th and final of the VS491 series the Group has built in this batch. It is currently under construction at Otto Marine’s shipyard in Batam, Indonesia, and is expected to be completed in 2Q2015.

14 Nov 2014

Otto Marine 3Q2014 Earnings at $2 mi

Otto Marine Limited, specializing in building complex offshore support vessels, ship chartering and offers specialized offshore services, reported its financial results for the three months ended 30 September 2014 (“3Q2014”) today. Group’s earnings declined by 50.9% to US$ 2.0 million year-on-year (yoy), primarily due to a one-off gain from disposal of assets registered in the corresponding quarter last year. Commenting on the financials of the Group, Mr Michael See, Group Executive Director said, “The Group continued to deliver higher revenue in all business segments, with Offshore Chartering as the major revenue and profit generator, and recorded stable performance for the quarter.

26 Aug 2014

Otto Marine Clinches Australia AHTS Contracts

Otto Marine says it has clinched AUD57-million worth of charter contracts in Australia for two of its large deep water AHTS vessels. Otto Marine Limited, which owns and operates a large fleet of offshore support vessels, with shipyard and other specialized offshore services, says that it has secured time charter contracts with two oil majors for its deep water anchor handlers, GO Sirius and GO Spica. Employed in drilling and pre-lay support, the 16,300 BHP DP2 AHTS vessel GO Spica with a 210 tonnes bollard pull, will be mobilized to Australia for a long term charter off the North-West coast of Australia in August 2014. This vessel will be operated by the Group’s wholly- owned subsidiary, GO Marine Group.

14 Jul 2014

Otto Marine Secures $404m Charter Contracts

Photo courtesy of Otto Marine

Otto Marine Limited, an offshore marine company which owns and operates a large fleet of offshore support vessels, shipyard and offers specialized offshore services, informed that the group has secured charter contracts worth approximately $404 million in the first half of 2014 (1H2014). Backed by long term relationships with leading oil and gas companies, Otto Marine said it holds an orderbook that stood at approximately $450 million as at June 30, 2014, with an average contract tenor of 3 to 5 years.

17 Mar 2014

Otto Marine Send Two AHTS to GoM, One to W. Africa

AHTS Redfish 4: Image courtesy of Otto Marine

Offshore marine services firm Otto Marine informs it has obained a total of US$24.9 million in charter contracts for three offshore vessels – Redfish 4, Go Canopus and Go Altair. Redfish 4, an 8,000bhp Anchor Handling Tug Supply (AHTS) vessel equipped with dynamic positioning 2 capabilities will be deployed for work on long term charter in Mexico. Go Canopus, a 10,800bhp AHTS vessel built in 2009 with DP2 technology has been contracted on long term charter, also for work in the Gulf of Mexico.

02 Mar 2014

Otto Marine Name Multi-Purpose OSV at Indonesia Shipyard

Norshore Atlantic: Image credit the owners

Singapore-based Otto Marine inform it has named the 'Norshore Atlantic' –  which it considers to be the first vessel of its kind to be constructed in Asia –  at its Batam Shipyard in Indonesia. The new offshore service vessel has been built to the MT6022XL Norwegian design. The highly complex vessel classed by DNV is equipped with dynamic positioning 3 (‘DP3’) capability, and is primarily designed for riserless operation utilizing known and field proven technology. Norshore Atlantic is equipped to perform riserless drilling operations…

10 Mar 2013

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.

19 Mar 2013

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.

22 Mar 2013

Restructuring Pays Off: Indonesian Shipyard Wins Orders

Singapore-based Otto Marine contracted to fabricate 4 pre-erected columns & pontoon blocks worth S$6.3-million. Otto Marine Limited, an offshore marine company which specialises in building complex offshore support vessels, ship chartering and offers ship repair and conversion and fabrication services, announce that PT Batamec, its Indonesia-based shipyard, has secured contracts to fabricate, assemble and deliver pre-erected columns and pontoon blocks. Secured from a Singapore-based customer, these contracts are a significant milestone in Otto Marine’s bid to expand and to strengthen its shipyard operations and presence in the robust offshore oil and gas industry in the region.

02 Apr 2013

ROV Support Vessel Sold by Otto Marine

An Otto Marine Vessel: Photo courtesy of Otto Marine

Otto Marine's shipyard has sold the multi-purpose offshore support vessel 'Otto Explorer 3' to RY Offshore Ltd. for about US$ 50-million. Upon completion of the sale, the buyer will charter the vessel to the Ottto Marine Group subsidiary, Go Marine Group Pty Ltd. The company has received a deposit of US$1 million from the buyer for the transaction with the balance to be paid upon delivery of the vessel, which is being built at the Otto Marine shipyard in Batam, Indonesia. Otto Marine Limited is an offshore marine group…

27 May 2013

Otto Marine Sell ROV Support Ship

ROV Support v/l Otto Marine 3: Photo courtesy of Otto Marnie

The company's subsidiary Otto Shipyard has sold  ROV  Support Vessel 'Otto Explorer 3' for US$50-million. The Board of Directors of Otto Marine Limited announce that the earlier proposed sale of the Multi-purpose Field Support and ROV Support Vessel, “Otto Explorer 3”, to RY Offshore Limited by the Company’s shipyard, through one of the Company’s wholly-owned subsidiaries has been comleted. Otto Marine state that the transaction  is expected to have a positive impact on the consolidated…

07 Feb 2014

Singapore's Otto Marine Charters Out PSV 'Sea Frost'

Platform Supply Vessel 'Sea Frost' Image courtesy of Otto Marine

Otto Marine Limited confirm the time charter contract of their Platform Supply Vessel (PSV) - 'Sea Frost', for approximately US$8.0 million. Under the contract, which has recently commenced, Sea Frost has been contracted to support the Atwood Eagle rig located off the coast of Australia for a period of 152 days. Otto Marine add that the client has the option of extending the contract for an additional two terms based on the same terms and conditions. Completed in 2013, this vessel is the latest addition to the Group’s fleet, held under subsidiary Go Marine Group Pty Ltd.