Otto Marine: Announced that it has sold a 40meters AHTS to its JV Co. Otto Limin Marine. The AHTS has been completed at Otto Marine’s yard in Batam and is about to leave the yard for its maiden job and will be deployed in India. The vessel will be operated by Grp’s strategic partner, Limin Marine, and this is the first time that any vessel under Otto Marine’s strategic partnerships is to be deployed in India.
We however caution investor’s on the counter, as outlook for grp’s OSV shipbuilding segment remains challenging, on back of excess supply of general specs OSV’s in the mkt, and on back of fierce completion from regional yards. Orderbook of $81.3m vs 9M11 rev of $206.3m suggest earnings visibility of only 2 qtrs.
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