400batamOtto Marine's yard in Batam has fresh S$6.3 m worth of fabrication work to complete by June 2013. NextInsight file photoOTTO MARINE is getting back on its feet, thanks to its shipbuilding and fabrication businesses securing significant orders this month.

There were US$27.8 million in orders for two offshore vessels its first newbuilding order in two years.

Awarded by a renowned Indonesian marine and offshore vessel operator, the contracts are for two identical units of 5,150 bhp Anchor Handling Tug Supply Vessels (AHTS).

This morning, Otto Marine announced that PT Batamec, its Indonesia-based shipyard, has secured contracts from a Singapore-based customer to fabricate, assemble and deliver four pre-erected columns and pontoon blocks worth a total of S$6.3 million.
 
200_2michael_seeMichael See, CFO, and recently-appointed Executive Director. NextInsight file photoThe contracts announced today 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. 

The fabrication and assembly projects are scheduled for delivery in June 2013.

Like the shipbuilding orders, they are expected to have a positive contribution to the company's financial performance this year. 
 
Otto Marine has endured two years of losses, and embarked on a "thorough restructuring and consolidation of our shipyard operations over the past years."

Said Michael See, Executive Director & Group CFO: "The Group is now better prepared to maximise our capabilities in shipbuilding, ship repair and conversion and fabrication. Slowly but surely, Otto Marine is reviving its shipyard operations to reflect the healthy state of the region’s offshore oil and gas industry.” 

By the way, Michael was recently appointed Executive Director.

Recent story:  OTTO MARINE: Wins First newbuild orders in 2 years



300analystsAnalysts visiting JES' yard in China.
NextInsight file photo
JES INTERNATIONAL, a Chinese shipbuilder listed on the Singapore Exchange, said it has signed a letter of intent to construct 
up to 4 Offshore Accommodation Vessels (“OAVs”) valued at approximately USD147 million 
each.
 
The buyer is a Singapore-based offshore company.

JES said the final 
arrangement, likely to be signed before May 2013, is likely to be an order contract for 1 OAV 
and 3 options of 1 OAV each.

The OAVs, a DPIII type, 
are equipped with offshore construction capabilities and is expected to be capable of 
accommodating 400-500 crew and staff. 
 
The agreements are not expected to have a material impact on the net tangible assets and 
earnings per share of the company this year.
 

Share Prices

Counter NameLastChange
AEM Holdings3.730-
Avi-Tech Electronics0.275-
Best World1.780-0.010
Broadway Ind0.118-0.001
China Sunsine0.405-0.005
DISA0.003-
Food Empire0.6600.010
Fortress Minerals0.330-0.015
Geo Energy Res0.3650.010
Golden Energy0.775-
GSS Energy0.046-0.001
InnoTek0.470-0.005
ISDN Holdings0.400-0.005
ISOTeam0.1000.005
IX Biopharma0.1280.001
Jiutian Chemical0.075-0.001
KSH Holdings0.350-0.005
Leader Env0.0560.003
Medtecs Intl0.142-0.005
Meta Health0.0260.001
Nordic Group0.475-
Oxley Holdings0.1490.004
REX International0.230-0.005
Riverstone0.6300.005
Sinostar PEC0.190-0.001
Southern Alliance Mining0.380-0.025
Straco Corp.0.405-
Sunpower Group0.255-
The Trendlines0.094-
Totm Technologies0.105-0.005
UG Healthcare0.195-0.004
Uni-Asia Group0.805-0.010
Wilmar Intl4.1000.010
Yangzijiang Shipbldg1.4300.040

NextInsight RSS

rss_2 NextInsight - Latest News

Online Now

We have 531 guests and no members online