MARCH 11, 2013 — "We are now in a much better position to revitalize and grow our shipbuilding segment," says Michael See, CFO of Singapore headquartered Otto Marine, which today reported that its Batam, Indonesia, shipyard had booked its first newbuilding orders in two years.

Worth a total U.S. $27.8 million, the contracts cover the construction of two identical 5,150 bhp AHTS vessels for an undisclosed Indonesian owner.

The two AHTS will be approximately 62 meters in length and will be constructed to meet ABS class requirements. The vessels are to be delivered in the second half of 2014.

"During the last year or so, we focused our resources under our shipbuilding segment towards finishing and delivering the orders that were on hand," says Mr. See. "We have also done some restructuring and consolidation in our yard which enhanced our efficiency and reduced the costs. With all these efforts combined, we are now in a much better position to revitalize and grow our shipbuilding segment and securing these new build orders reiterates our commitment to revitalize and focus in our core competency in this segment under the Otto Group. These new orders are the first shipbuilding contracts that we have taken in almost two years. Under our shipbuilding segment, besides building high-spec and complex offshore vessels, we also have ship repair and fabrication capabilities."