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Otto Marine issues profit warning for 2014

Otto Marine issues profit warning for 2014
Singapore’s Otto Marine has issued a profit warning with regards to its financial results for the year ended 31 December 2014.

The Singapore-listed offshore services provider said it expects to record a loss for the financial year 2014.

Otto Marine attributed the loss mainly to cost overrun for the construction of a vessel, and low utilisation and delayed charter commencement for vessels in the offshore chartering segment.

Otto Marine had posted a profit of $14.08m in 2013, reversing from a loss of $103.13m back in 2012.

Earlier this week, Otto Marine announced that it has secured two long term charter contracts valued at $64m including options for two PSVs to an oil major in Australia.

TAGS: Offshore