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Profits up for Otto Marine

Singapore: Otto Marine's profits for the first nine months of the year increased 17.5%. The Singapore-listed offshore marine shipbuilder and vessel operator reported net profits of S$49.9m for the first nine months of the year. Revenues were up 53% at S$486.6m for the period driven by shipbuilding, geophysical activity, chartering and leasing. "We are pleased with the progress of Reflect Geophysical in entering the seismic market and our strategic move to add more offshore vessels into the group's chartering fleet. In a highly competitive shipbuilding and ship repair market, the move to diversify the group's business model is showing encouraging results and we would carry on with this strategy," said Lee Kok Wah, president and ceo of Otto Marine. [12/11/10]

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