Otto Marine sinks to US$5.5m loss for Q3, says difficult weather to persist for sector

SINGAPORE - Offshore support vessel operator Otto Marine reported a loss of US$5.5 million (S$7.8 million) for its third quarter ended Sept 30, compared to a profit of US$2 million for the year-ago period.

Revenue fell 35 per cent to US$63 million for the quarter, felt by all its business segments, namely shipyard, shipping and chartering and subsea services.

Looking ahead, Otto Marine said: "Amidst the persistent challenging market conditions, the group is focused on sustaining the vessels utilisation by stepping up efforts in improving its order book, while also concurrently rationalising its cost structure to remain competitive and relevant in the market.

But it added: "It is unlikely that market conditions in the oil and gas sector will improve significantly over the next 12 months."