Otto Marine bags 2 shipbuilding contracts after 2 years

Its pockets are now US$27.8 million fatter.

Otto Marine Limited announced that the Group has secured new shipbuilding orders for building two offshore vessels for a total value of US$27.8 million. 

The new shipbuilding contracts are for constructing two identical units of 5,150 bhp Anchor Handling Tug Supply Vessels (or AHTS). The two AHTS will be approximately 62 meters in length and will be constructed to meet ABS class requirements. The contracts are awarded by a renowned Indonesian operator that owns and operates a fleet of offshore and other vessels.

The vessels are to be delivered in the second half of 2014. The above-mentioned shipbuilding orders are expected to have a positive impact on the consolidated net tangible assets per share or earnings per share of Otto Marine for the financial year ending 31 December 2013.