SINGAPORE (Yosefardi) – Marine services company Otto Marine Limited booked net profit of US$15 million in 2013, compared to loss US$113.7 million in 2012.
Revenue rose 36.8% to US$511.99 million from previous US$374.4 million. Cost of sales also increased 27.2% to US$465.5 million, then gross profit was US$46.47 million.
Otto Marine ownes PT Batamec, one of the largest shipyards in Batam. Currently it focus on ramp up operations for ship repairs, conversions and fabrication jobs.
Ottor Marine also focuses to support fleet expansion, renewal, and upgrading program. The group also focuses to secure and execution vessel orders for the Indonesian cabotage market.
Batamec has good infrastructure and facilities such as land area of 64 hectares, 650m waterfront, 1 dry dock and 2-purpose built slipways, syncrolift that berth up to 16 vessels and has track record in delivering more than 70 vessels serving offshore oil and gasindustry since 2005.
Otto Marines now operates 65 vessels. Otto Marine has set up a 49% JV in Indonesia to own and charter vessels, and acquired a 49% stake in Malaysian company which holds a valuable vessel charter licence to trade with an international state owned oil and gas conglomerate.