Otto Marine

Otto Marine: Fabrication contract worth $6.3m, to fabricate, assemble and deliver four pre-erected columns and pontoon blocks. Projects are scheduled for delivery in June 2013. Customer details not released, but Group stated that it is from a renowned Singapore-based customer, and that contracts are a significant milestone in Otto Marine’s bid to expand and to strengthen its shipyard operations and presence in the robust offshore oil and gas industry in the region. Over 2012, Group only announced ship chartering contracts and repair works. In 3Q12 results presentation, Group stated that their existing shipbuilding order book were at the tail-end construction stage. Year-to-date, Otto marine announce a $35m shipbuilding contract, as well as the $6.3m fabrication contract. Company did a rights issue to raise $75.6m, entered a $20m loan agreement with OCBC over 2012. To note that the Group performed several sale and leaseback transactions over 2012, and provided profit warnings for 1st, 2nd and 4th quarters for 2012.