Otto Marine procures 3 contracts worth $21.1m in total

These are shipbuilding and chartering contracts under its subsidiaries.

Offshore marine group Otto Marine Limited has secured two contracts with its two subsidiaries, Go Offshore International Pte. Ltd. and PT Batamec amounting to US$15.5 million ($21.1 million).

The first deal was a chartering contract awarded to Go International. It will be managing, manning and operating a vessel.

"The vessel under charter is a liftboat equipped with heavy lift crane used for offshore wind farm installation with the ability to transport and store wind farm structures and consumables," the group said in a statement.

The said vessel will be used in an offshore wind-farm installation and development project in South East Asian region.

Meanwhile, PT Batamec won two shipbuilding contracts worth around US$ 8 million for the construction of two 3200 HP Harbour Tugs by an Indonesian state-owned company.

The group is expected to deliver the said vessels in the last quarter of 2017.

Otto noted that the said contracts are expected to have positive contribution to the consolidated earnings per share or net tangible assets per share of the group for the current and next financial years.