Delisted Otto Marine's Q2 loss deepens to US$19.1m

OFFSHORE marine company Otto Marine has announced its second quarter results ended June 30, 2016, after a delay in doing so due to its recent privatisation bid.

The company slipped further into the red with a loss of US$19.1 million in Q2 2016, compared with a US$2.7 million loss a year ago. Revenue was down 41 per cent to US$42.2 million compared with US$71.2 million a year ago.

Revenue decreased across its shipyard, shipping and chartering and subsea services segments.

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

"The group continues to focus on improving fleet utilisation, while concurrently rationalising its cost structure."

The counter has been delisted as of Friday's market opening, after an offer by its controlling shareholder of S$0.32 a share.