Singapore's Otto Marine Warns of 2Q Loss on Seismic Division's Performance

Singapore's Otto Marine – an offshore marine group specializing in the building of offshore support vessels, ship chartering and offshore services operation – said Monday that it is expecting to report a loss for the second quarter ended June 30, 2012.

The company added that its profit warning is issued in line with lower utilization of the shipyard as a result of securing fewer new orders, as well as losses from its seismic division due to lower utilization of its seismic vessel.
 
"The second quarter ended June 30, 2012, is Otto Marine's fifth consecutive quarter in which it has reported a loss," CIMB Securities vice president Yeo Zhi Bin told Rigzone in an interview on Monday. "The company has not been delivering good results," Yeo added.
 
Otto Marine said that it "wishes to advise shareholders and investors to exercise caution."
 
Otto Marine reported a first quarter ended March 31, 2012, net loss of $9 million, as compared to a net profit of $5.5 million for the same period in 2011. 
 

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KOLAWOLE DAMMY | Aug. 14, 2012
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