Otto Marine shares sink on profit warning

SINGAPORE (Reuters) - Shares of oilfield service firm Otto Marine dived when trading opened on Wednesday (Feb 10) after the company issued a profit warning.

The maonboard-listed company warned it expected to report a loss for the year ended Dec. 31, 2014, due to cost overrun on the construction of a vessel and low utilisation and delayed charter commencement for vessels

Its shares fel 7 per cent to a record low of 3.9 cents, its biggest daily fall in two months.

The oil and gas sector has come under pressure from weak oil prices. The FT ST Oil & Gas Index, composed of 17 Singapore-listed stocks in the energy sector, is down 3 per cent so far this year following a 25 per cent slide in 2014