Delisted Otto Marine sees losses deepen to US$19.1m in Q2

Otto Marine has sunk deeper into the red with a net loss of US$19.1 million (S$26.2 million) in the second quarter ended June 30, 2016.
Otto Marine has sunk deeper into the red with a net loss of US$19.1 million (S$26.2 million) in the second quarter ended June 30, 2016.PHOTO: ST GRAPHICS

SINGAPORE - Offshore services provider Otto Marine sank deeper into the red with a net loss of US$19.1 million (S$26.2 million) in the second quarter ended June 30, 2016, compared with a US$2.7 million loss a year ago.

The firm obtained an extension deadline for the reporting of its second quarter financial results following its recent privatisation bid.

The counter was delisted on Friday (Oct 07) after executive chairman and controlling shareholder Yaw Chee Siew succeeded in his takeover offer at S$0.32 a share.

Otto Marine in the filing with the Singapore Exchange late last night (Oct 06) that second quarter revenue fell 40.8 per cent to US$42.2 million, from US$71.2 million in the previous year.

It blamed lower contributions across all segments - shipyard, shipping and chartering and subsea services.

The firm said in the statement: "The persistent challenging market condition, particularly the oil and gas industry, puts continuing pressure on the group's performance."

Otto Marine added that the firm continues to focus on "improving fleet utilisation, while concurrently rationalising its cost structure".

For the first half, the firm booked a net loss of US$20.5 million on revenue of US$137.1 million.