Otto Marine secures 3 shipbuilding contracts worth US$23m

Chief executive Michael See of offshore support vessel operator Otto Marine.
Chief executive Michael See of offshore support vessel operator Otto Marine. PHOTO: ST FILE

SINGAPORE - Offshore marine company Otto Marine has secured three new shipbuilding contracts worth a total of US$23 million (S$32.3 million).

An Indonesian firm has ordered a 6,500 LTDW (Long Tons Deadweight) product oil tanker, with cargo oil tank capacity of 8,300 cubic meters.

Another Indonesian state-owned enterprise has entered into a contract for two units of 1,200 GT (Gross Tonnage) ferry.

Chief executive Michael See said the vessels are scheduled to be delivered in the fourth quarter of 2017, and expected to contribute positively to the group's financial performance for the financial years of 2016 and 2017.

jkoh@sph.com.sg