Otto Marine to build two anchor handling tug supply vessels for Indonesian owner

11 March 2013 (Last Updated March 11th, 2013 18:30)

Singapore-based shipbuilder Otto Marine has won a $27.8m contract from an unnamed Indonesian owner to build two anchor handling tug supply (AHTS) vessels.

Singapore-based shipbuilder Otto Marine has won a $27.8m contract from an unnamed Indonesian owner to build two anchor handling tug supply (AHTS) vessels.

The two new 5,150bhp AHTS vessels are scheduled to be delivered in the second half of 2014 to the unnamed Indonesian operator, which owns and operates a fleet of offshore and other vessels.

Each vessel will have a length of about 62m and will be built to meet ABS class requirements.

Otto Group chief financial officer Michael See said the new orders are the first shipbuilding contracts that the company has undertaken in almost two years.

"During the last year or so, we focused our resources under our shipbuilding segment towards finishing and delivering the orders that were on hand," See said. "We have also done some restructuring and consolidation in our yard which enhanced our efficiency and reduced the costs.

"With all these efforts combined, we are now in a much better position to revitalise and grow our shipbuilding segment and securing these new build orders reiterates our commitment to revitalise and focus in our core competency in this segment under the Otto Group," See added.

Otto Marine specialises in the construction of complex offshore support vessels primarily for deep sea applications, repairs, conversion and fabrication, and vessel chartering.