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Otto Marine warns investors of Q1 lossOtto 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.

Lee Hong Liang, Asia Correspondent

May 11, 2015

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Recently, Otto Marine also fully paid up debts of around $1.18m to an unnamed creditor, and the creditor has withdrawn a winding up application against Otto Marine.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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