SINGAPORE (Yosefardi) – Otto Marine Limited, a leading offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, booked US$2 million earning in three months ended 30 September 2014 (3Q2014), declined by 50.9%, primarily due to a one-off gain from disposal of assets registered in the corresponding quarter last year.
Group’s revenue increased by US$13.9 million, or 16.8% yoy to US$96.8 million in 3Q2014 as all three segments generated higher revenue. Shipyard revenue increased US$4.4 million, boosted by more repairs and fabrication orders. Offshore Chartering revenue increased US$8.8 million supported by higher daily charter rate. Subsea services revenue increased US$0.8 million due to the addition of one vessel.
Over the longer term, the recent decrease in oil price from above US$100 to US$80 per barrel has created significant uncertainty for new exploration and development activities. Any prolonged slowdown in investment in E&P activities will ultimately affect the OSV market.
Headquartered in Singapore, the Company owns/leases and operates 64 offshore vessels and one of the largest shipyards in Batam, Indonesia – one of the most sophisticated yards in Asia Pacific.