Otto 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.
Michael 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
Analysts visiting JES' yard in China.
NextInsight file photoJES INTERNATIONAL, a Chinese shipbuilder listed on the Singapore Exchange, said it has signed a letter of intent to construct
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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
Analysts visiting JES' yard in China. NextInsight file photoJES 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
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.
Recent story: YANGZIJIANG, JES, COURAGE: Upside On Dry Bulk Bounce?