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Otto Marine warns investors of Q1 loss

Otto Marine warns investors of Q1 loss
Singapore’s Otto Marine has warned investors of a net loss for its first quarter financial period ended 31 March 2015.

The offshore services provider blamed the projected loss to decrease in vessel utilisation and lower charter rates amid the current challenging market conditions particularly for the oil and gas industry.

Otto Marine also said it will be hit by provision and impairment, but it did not provide any figure guidance.

“The company has since the beginning of this year taken steps and is continually implementing cost cutting measures across the group in response to the market conditions,” Otto Marine stated.

Late last week, Otto Marine announced that it is defending itself against a claim of around $8.88m against its wholly-owned Otto Ventures over the acquisition and operation of two OSVs.

Recently, Otto Marine also fully paid up debts of around $1.18m to an unnamed creditor, and the creditor has withdrawn a winding up application against Otto Marine.

TAGS: Offshore