Otto Marine sinks to net loss of US$41.7m for 2014

OTTO Marine has sunk to a net loss of US$41.66 million for the full year ended Dec 31, 2014, from a net profit of US$14.08 million previously.

Revenue for the full year dropped 30.5 per cent to US$355.9 million, from US$512 million for FY2013.

Explaining its results, Otto Marine said on Friday night: "External revenue decreased by US$156.1 million contributed primarily by the shipyard, offshore chartering, leasing and geophysical segments partially offset by increase in revenue in the subsea services segment."

Loss per share for the year was one US cent, versus earnings per share of 0.38 of a US cent in FY2013.

No dividend was recommended for the period.

"With the uncertainty in the oil price and more cautious attitude of oil majors towards new cost commitment, the group expects increased competition in a tightening market. In response to the market situation, the group has undertaken cost cutting measures to increase its competitiveness. The group will focus on deepening its presence in its existing markets - Australia, Indonesia, Mexico and East Africa - while exploring other geographical markets when opportunities arise," said Otto Marine.