The company recorded a loss of $41.66m for the financial year ended 31 December 2014 as against a profit of $14.08m in 2013.
Revenue for 2014 was recorded at $355.9m, down 30.5% compared to $512m in the previous financial year due to lower contributions from the shipyard, offshore chartering, leasing and geophysical segments.
Otto Marine also saw its other income fell by $78.58m to $14.09m due mainly to absence of gains of $64m on deconsolidation of its subsidiary Reflect and foreign exchange, decrease in gain on disposal of property, plant and equipment and other income.
“With the uncertainty in the oil price and more cautious attitude of oil majors towards new cost commitment, the group expects increased competition in a tightening market,” Otto Marine said.
“The group will focus on deepening its presence in its existing markets – Australia, Indonesia, Mexico and East Africa – while exploring other geographical markets when opportunities arise,” it added.
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