The Singapore-listed offshore marine shipbuilder and vessel operator Otto Marine’s nine-month net income increased 17.5% from the 9 months period of 2009, to S$49.9 million.
Revenues were up 53% at S$486.6 million for the period driven by shipbuilding, geophysical activity, chartering and leasing.
“We are pleased with the progress of Reflect Geophysical in entering the seismic market and our strategic move to add more offshore vessels into the group’s chartering fleet. In a highly competitive shipbuilding and ship repair market, the move to diversify the group’s business model is showing encouraging results and we would carry on with this strategy,” said Lee Kok Wah, president and ceo of Otto Marine.