Otto Marine warns of net loss for Q1

Singapore

OFFSHORE marine group Otto Marine on Sunday issued a profit guidance saying that it expects to report a net loss for its first quarter ended March 31, 2015.

"The company believes that the expected losses in the consolidated losses attributable to owners... was primarily attributable to the following reasons: 1) decrease in vessels utilisation and lower charter rates amidst the current challenging market conditions particularly for the oil and gas industry; 2) provision and impairment.