Otto marine: secured a time charter contract for its 4200 bhp ABS class Work Maintenance Vessel, from a Mexican offshore platform construction company. The initial value is US$14.9m for a 450-day period, with an option to extend the contract for another 12 mths, bringing the potential value of the contract to US$20m. The vessel will be deployed from Mar ’12. The contract is expected to have positive contribution to the group’s FY12 earnings.
The co was lost making in FY11. The stock trades at 0.7x P/B at last close of $0.133.
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