* Group revenue increased by 16.8% to US$ 96.8 million for 3Q2014, higher revenue across all the three business segments
* Offshore Chartering, as the major revenue and profit generator, registered higher profit even as overall market was weak
* Strong order book of US$494 million as at 30 September 2014
Otto Marine Limited, specializing in building complex offshore support vessels, ship chartering and offers specialized offshore services, reported its financial results for the three months ended 30 September 2014 (“3Q2014”) today. Group’s earnings declined by 50.9% to US$ 2.0 million year-on-year (yoy), primarily due to a one-off gain from disposal of assets registered in the corresponding quarter last year.
Commenting on the financials of the Group, Mr Michael See, Group Executive Director said, “The Group continued to deliver higher revenue in all business segments, with Offshore Chartering as the major revenue and profit generator, and recorded stable performance for the quarter. Although there lacked new shipbuilding orders in the shipyard, we have sufficient repair and fabrication projects to keep the shipyard busy."
"Offshore chartering order book has been further strengthened, and utilization for larger tonnage vessels has increased. On the back of contracts secured during the year, the Group is fortified to weather the current challenging market. We will tap on growth opportunities through our partners and will continually optimize our fleet size and fleet portfolio to maximize returns,” he added.