Otto Marine, an offshore shipbuilder and charterer, admitted that its yard is undertilised due to low order intake amid the challenging general environment of the shipbuilding industry.
“In this challenging environment, the group is focusing on monetising its assets through the sale of completed vessels, the completion and delivery of contracted vessels and building its fabrication, subcontracting, ship repair work and shipbuilding orderbook,” it said.
“On the chartering front, the group will explore opportunities and continue to grow its chartering fleet.”
The Singapore-listed company announced full year net loss of $73.69m compared to a loss of $52.22m a year ago. Revenue improved 9.8% year-on-year to $374.33m.
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