Otto Marine wins 3 shipbuilding contracts worth US$23m

OTTO Marine said on Monday that it has secured three new shipbuilding contracts - for one product oil tanker and two ferries - worth a total of US$23 million.

The order for the product oil tanker was placed by a local Indonesian firm, while the orders for the ferries were placed by an Indonesian state-owned enterprise.

The vessels are scheduled to be delivered in the fourth quarter of 2017, and are expected to make a positive contribution to the group's financial performance for FY2016 and FY2017, Otto Marine's chief executive, Michael See, said.