Otto Marine expects full year loss

Otto Marine has warned that it expects to report a loss for 2012 when it releases its results 22 February, said in a press release.

The offshore vessel builder, owner and operator said the loss would largely due to the low utilisation of its seismic vessel under Reflect Geophysical and provision for doubtful debts related to the subsidiary.

Otto’s shipyard Batamec in Batam, Indonesia also suffered low utilisation due to the fact it had received no new orders.

In the third quarter of 2012 Otto reported a profit of $3.79m, however the cumulative result for the first nine months of the year was a $38.13m loss.