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Otto Marine secures US$14m shipbuilding contract

OTTO Marine on Thursday announced that its wholly-owned subsidiary, PT Batamec, has secured a US$14 million shipbuilding contract from an Indonesian stated-owned enterprise.

The contract is for the building of a 6500-DWT product tanker, which will be operated in the Indonesian waters. It is expected to be delivered in the second quarter of 2018.

The group expects the contract to have a positive contribution to its financial results for the financial years ending Dec 31, 2017 and Dec 31, 2018.

Otto Marine's shares closed at 31.5 Singapore cents on Thursday, up 37 per cent.