deliver4.15Mok Kim Whang, President of PT Batamec shipyard, with Pak Subagjo Hari Moeljanto, President Director of PT Pertamina Trans Kontinental. Photos: CompanyOTTO MARINE’s shipyard in Batam has completed and delivered four new-build vessels with a total contract value of USD 36.6 million.

The four vessels were delivered to PT Pertamina Trans Kontinental in a ceremony at the PT Batamec shipyard on March 27.

The vessels comprised two harbour tugs and two anchor handling tug supply (AHTS) vessels.

interior4.15Inside of vessel: Pak Ahmad Bambang (in blue shirt), Marketing Director of PT Pertamina Trans Kontinental.Otto Marine also owns and operates a large fleet of offshore support vessels (OSV) with a worldwide presence.

Commenting on the vessel deliveries, Mr. Michael See, Group CEO of Otto Marine, said: “While the Group strives to strengthen our position as a leading OSV operator, our shipyard remains an integral part of the business portfolio.

"The shipyard continued to tap on the cabotage market in Indonesia, and take selective shipbuilding orders to enhance our revenue base.

250_Michael-SeeMichael See, Group CEO of Otto Marine.

Stock price 
(2 Apr 2015)

4.6 cents

PE (ttm)

-

Estimated P/E (12/2015)

-

Market cap

S$195 million

Price/book

0.53

Dividend yield

-

"The successful construction and delivery of the four vessels once again demonstrated Otto Marine’s expertise in building quality vessels, as well as our reputation among customers.

"We look forward to fostering closer business ties with PTK and look forward to more business opportunities.

"We expect the shipyard to make sustained contribution to the long-term growth of our Group, as it continues to provide fabrication, repairs and conversion services to our customers and to our own fleet, and build vessels for selective shipbuilding orders."

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