Offshore marine company Otto Marine has secured three shipbuilding contracts worth $23m from two Indonesian customers.
Under the contract, Otto Marine will build one product oil tanker of 6,500 long tonnes deadweight (LTDW), which will be modelled on an ABS class design spanning a length of 109m with cargo oil tank capacity of 8,300m³.
The contract also includes construction of two units of 1,200 gross tonnage (GT) ferry.
The vessels are scheduled to be delivered in the fourth quarter of next year.
The order for the oil tanker is said to have been placed by a local Indonesian firm and the ferries by an Indonesian state-owned enterprise.
Otto Marine Group CEO Michael See said: "As the weak oil prices continue to weigh on oil and gas, and offshore and marine sectors, we put relentless efforts in creating revenue streams across our business segments, including diversification of our business exposure by offering extended vessel portfolio at the shipyard.
"It’s encouraging to secure the shipbuilding contracts as the new year unfolds, which marked a stimulating start for 2016.
"Our shipyard will strive to ensure timely delivery of the vessels with top-notch quality.
"Riding on our shipbuilding capabilities, strong reputation among customers and the business network, we will also try to create a momentum and continue to seek new contracts."
The contracts are seen as Otto Marine’s attempt to extend their portfolio by tapping into the weak market.
Otto Marine, earlier last month, had signed a memorandum of understanding (MoU) with an undisclosed port operator to develop a fabrication and marine facility.