Singapore-listed Otto Marine has announced that its offshore shipyard has branched out to secure three new shipbuilding contracts worth $23m in total.
New contracts came along with Group's efforts in diversifying and expanding product portfolio in a weak market.
An Indonesian firm has ordered a 6,500 LTDW (Long Tons Deadweight) product oil tanker, with cargo oil tank capacity of 8,300 cubic meters. Another Indonesian state-owned enterprise has entered into a contract for two units of 1,200 GT (Gross Tonnage) ferry.
Chief executive Michael See said
the vessels are scheduled to be delivered in the fourth quarter of 2017, and expected to contribute positively to the group's financial performance for the financial years of 2016 and 2017.
As the weak oil prices continue to weigh on oil and gas
, and offshore and marine sectors, Otto Marine put relentless efforts in creating revenue streams across our business segments, said Michael See, group ceo of Otto Marine.