Otto Marine issues profit warning

The Group is expected to report a loss for the second quarter amidst less new orders.

The Board of Directors of Otto Marine Limited issued the profit warning regarding the financial results of the Company and its subsidiaries for the second quarter ended 30 June 2012.

The expected loss is largely due to, among others, the following: lower utilization of the ship yard mainly due to less new orders being secured; losses from its seismic division mainly due to lower utilization of its seismic vessel; foreign exchange losses resulting from the net negative movement of EUR against USD and SGD against USD; and the potential impairment of its investment in certain investee companies in view of their performance and the market conditions.

The profit warning was based on a preliminary review of the unaudited financial results of the Group.