Monday, September 16, 2013

OTTO MARINE Christens Ultra Large AHTS - Go Phoenix

OTTO MARINE Christens Ultra Large AHTS - Go Phoenix
Written by Sim Kih
Wednesday, 11 September 2013 12:00

AT THE christening celebration for the second ultra large AHTS vessel built by Otto Marine, its management reiterated its resolve to diversify its revenue stream and improve capital management.

On last Friday evening (6 Sept), Otto Marine held a vessel naming ceremony for a highly complex 24,000bhp Anchor Handling Tug Supply (AHTS) vessel, Go Phoenix, at Marina Keppel Bay.

The vessel was built for its 90%-owned subsidiary, Group Marine Group, and financed by the Industrial and Commercial Bank of China, in what was the leading PRC bank's first offshore vessel deal in Singapore.

Otto Marine acquired 55% in Go Marine Group in 2011, resulting in a near doubling of the Group's vessel chartering gross profit that financial year.

The subsidiary is Australia's only integrated marine, oil and gas logistics provider.

Go Marine provides marine crewing, vessel management, logistics and project management services for oil and construction companies.

The vessels it operates include remotely operated vessels, platform support vessels, anchor handling tug and supply vessels, seismic support vessels as well as tugs and barges.

Last year, Otto increased its stake in Go Marine to 90%.

Hampered by delays in vessel construction, the Group suffered net losses in FY2011 and FY2012 but reversed its losses in 1H2013 after a management restructure this year.

It posted net profit attributable to shareholders of US$19.7 million for 1H2013.  Net margin was 7.8%.

On 18 March, Group CFO Michael See, was appointed to the board.

Other appointments on the same day include Mr Mok Kim Whang as President of its shipbuilding division and former Drydocks World shipyard Executive Director, Mr Lum Kin Wah, as Otto Marine's Executive Vice President, Shipyard.

Go Marine's managing director, Mr Garrick Stanley, was also appointed as Otto Marine's Group CEO on 6 August, whilst remaining as Go Marine's managing director.

Two C-level executives were also added to Go Marine's team (CEO Ian del Rosso and COO Tony Caccamo).

"We plan to renew and expand our fleet," said Executive Director Michael See at a media briefing prior to the ship christening celebration.

"The average age of our fleet is now less than 5 years and we intend to keep it at less than 8 years.

"Some vessels in our fleet were built at our yard and booked at cost according to the accounting standard.

"With depreciation, the net book value is most likely to be lower than its present market value," he said.

Publish date: 11/09/13

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