Heng Hock Cheng @ Heng Heyok Chiang has been appointed independent director wef Jan 1
Work experience: MD, Shell Gas and Power Malaysia; chairman, Shell China; senior area engineer, Shell Int’l
Posts Tagged ‘Otto’
Otto Marine – Corporate moves
January 5th, 2011 |
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Oct 14: Miyoshi, Otto Marine, Singapore Press
October 14th, 2010 |
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The following companies may have unusual price changes in Singapore trading today and share prices are from the previous close. Singapore’s Straits Times Index advanced 1.7% to 3,202.16.
Bulk-shipping companies: The Baltic Dry Index, which measures the cost of shipping commodities, gained 1.1% in London yesterday.
Otto Marine unit secures $12m contract to perform 3D seismic data acquisition in Trinidad
September 28th, 2010 |
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Otto Marine says its subsidiary, Singapore-based Reflect Geophysical had secured a contract valued at about US$9 million ($11.9 million) with Niko Resources Trinidad & Tobago Ltd., to perform 3D seismic data acquisition in Trinidad. The contract is not expected to have a material impact on the consolidated net tangible assets per share or earnings per share of the Company for the financial year ending 31 December 2010.
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Otto Marine cut to Neutral by DMG; Target $0.39
September 28th, 2010 |
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DMG downgrades Otto Marine (G4F.SG) to Neutral from Buy, cuts target price to $0.39 from $0.46, based on 10x blended FY10-11 earnings, says Dow Jones.
Changes follow reduction in FY10-12 earnings forecasts by 13.3%, 4.6%, 1.9% respectively to reflect order cancelation, fewer contract assumptions.
DMG notes Norwegian customer Mosvold Supply’s intention to cancel order for vessel being built by Otto: “The highly leveraged position of Mosvold Supply has made it difficult for the company to take delivery.”
Says Otto hasn’t secured any new shipbuilding contract so far this year. Shares up 1.4% at $0.375.
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Otto Marine +11.1%; Sell-off overdone: StanChart
September 21st, 2010 |
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Otto Marine (G4F.SG) +11.1% at over 4-week high of $0.40 in active trade, retracing bulk of 13.3% decline since Aug 5, when shipbuilder reported 40.4% on-year fall in 2Q10 earnings to $16.7 million on weaker revenue, FX loss, according to Dow Jones.
Besides disappointing June-quarter results, recent price weakness also attributed to concerns of potential order cancellations by some clients.
Oprah “Sesame Street†Letter “O†Sept. 27
September 20th, 2010 |
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Oprah Winfrey is O — No, really. The Queen of Talk is lending her famous voice to Sesame Street for the first time in her 35 years in broadcasting. Winfrey will drop in as the voice of the animated letter “O†— who interviews guests such as “Otto the Orangutan†and “Ophelia the Octopus” — in [...]
Otto Marine downgraded to ‘underperform’ by CIMB
September 14th, 2010 |
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CIMB in a Sep 9 research report says: “We have turned cautious on Otto’s order-book quality. Delving into its customers’ financials, delivery schedules and near-term demand for their newbuilds, we estimate a rather high probability of order cancellations by Mosvold.
RS Platou Otto Marine started at Sell by RS Platou
September 13th, 2010 |
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RS Platou initiates coverage on Otto Marine (G4F.SG) with Sell rating, $0.16 target price, according to Dow Jones.
RS Platou says outlook for ship builder, charterer challenging, while current share price more than fully valued.
Notes company faces risk of Mosvold Supply cancelling orders for 3 anchor handling, towing & supply vessels currently being built: “Mosvold believes the yard’s inability to manage and maintain its subcontractors are the main explanation for the slow construction progress.”
On chartering front, house says a number of Otto’s vessels currently idle. Shares last off 1.4% at $0.365.
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Otto Marine cut to Underperform by CIMB; Cuts target
September 9th, 2010 |
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CIMB downgrades Otto Marine (G4F.SG) to Underperform from Outperform, cuts target price to $0.30 from $0.48 after lowering FY11-12 earnings estimates by 31%-23%, according to Dow Jones.
Changes reflect risk of more order cancellations by Mosvold, which accounts for 45% of shipbuilder’s orderbook. Notes Mosvold’s cancellation of its first anchor handling, towing & supply order dragged down Otto’s share price in April: “We see cancellation risks in December 2010 and June 2011.”
Otto Marine unit wins $3.7m contract for seismic data acquisition in New Zealand
August 16th, 2010 |
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Otto Marine says subsidiary, Singapore-based Reflect Geophysical, has entered into a contract valued at least US$2.7 million ($3.7 million) in New Zealand with Octanex NZ to carry put a 270 sq km 3D seismic data acquisition in the Taranaki Basin area of New Zealand.
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Otto Marine cut to Hold vs Buy by Phillip Securities
August 10th, 2010 |
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Phillip Securities downgrades Otto Marine (G4F.SG) to Hold from Buy, cuts target price to $0.40 from $0.58 based on 1.40x P/B vs 1.95x previously, according to Dow Jones.
Phillip says company’s chartering, specialised offshore services businesses expected to continue growing for next 3 years, but chartering rates may decrease as new vessels enter market.
Otto Marine posts 40.4% fall in 2Q net profit to $16.7m
August 5th, 2010 |
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Otto Marine, the builder and charterer of offshore support vessels, says it posted a 40.4% fall in net profit to $16.7 million for the second quarter ending June 30 2010 (2QFY2010) versus $28 million for 2QFY2009. Revenue fell 26% to $129.7 million compared to $175.3 million.
The decrease in 2Q revenue was primarily due to the percentage-of-completion recognition achieved in the shipbuilding business and reduced utilisation rates of the group’s chartering of tugs and barges. This decrease was partially offset by the increase in geophysical business procured by the group’s 81.6% owned company, Reflect Geophysical.
The New Deal: Fall Tour Dates
July 29th, 2010 |
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ADDITIONAL AUTUMN TOUR DATES; SPECIAL SHOWS WITH JOIN AND OMEGA
MOOS
 The New Deal |
The New Deal are excited to
announce additional Autumn Dates in Colorado, the Midwest and Northeast as well as a few special shows with The Join and The Omega Moos! The band will make
their return to the Rockies as they hit Boulder, Denver, and Fort Collin in October. Shows have also been added in
Bloomington, Madison and Ann Arbor as well as Buffalo and Cleveland.
Tour Dates:
Fri 8/13/10 (the JOIN) Muddy River Jam Festival, Woodstown, NJ
Sat 8/14/10 (the JOIN) River Street Jazz Cafe, Wilkes-Barre, PA
Thu 8/19/10 Otto’s, Dekalb, IL
Fri 8/20/10 Hoxeyville Music Festival, Wellston, MI
Sat 9/4/10 North Coast Music Festival, Chicago, IL
Sat 9/4/10 (OMEGA MOOS) The Metro (Late Night), Chicago, IL
Sun 9/5/10 Nocturnal Festival, Apache Pass, TX
Wed 9/22/10 Beachland Ballroom, Cleveland, OH
Thu 9/23/10 Northern Lights, Clifton Park, NY
Fri 9/24/10 Electric Factory, Philadelphia, PA
Sat 9/25/10 Pearl Street, Northampton, MA
Thu 10/7/10 Fox Theatre, Boulder, CO
Fri 10/8/10 Hodi’s Halfnote, Ft. Collins, CO
Sat 10/9/10 Cervante’s Masterpiece, Denver, CO
Tue 10/12/10 The Bluebird, Bloomington, IN
Thu 10/14/10 The Majestic, Madison, WI
Fri 10/15/10 The Blind Pig, Ann Arbor, MI
Sat 10/16/10 The Town Ballroom, Buffalo, NY
Fri 11/12/10 Bear Creek Music Festival, Live Oak, FL
The New Deal
Tour Dates
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The New Deal News
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The New Deal
Concert
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Otto Marine cut to Sell by DnB Nor with $0.35 target
July 22nd, 2010 |
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DnB Nor has downgraded Otto Marine (G4F.SG) to Sell from Hold as stock has breached its $0.35 target price, says Dow Jones.
DnB Nor says shipbuilder, supplier of offshore support vessels continues to face weak order flows, with no new building contracts secured so far this year.
“Newbuild orders for deepwater offshore support vessels are likely to remain slow with current weak sentiments and uncertainties surrounding the demand for OSVs in the US Gulf,” says DnB Nor.
Dark Star Orchestra: Summer Dates
July 2nd, 2010 |
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“ROCK MY SOUL” SUMMER TOUR
 Dark Star Orchestra |
The Dark Star Orchestra
“Rock My Soul”
summer tour is now underway. The tour began on June 29 at Otto’s in Delkalb, IL and continued on to Summerfest
on June 30. The rest of the dates are available here.
“Gratefulfest will kick off with a Terrapin Nation Soundcheck Party on 7/1 before 3 big shows over 4th of July
weekend with Keller Williams, New Riders, Peter Rowan, Emmit-Nershi and many more. A return to All Good kicks
off the last weekend of this leg of the tour when we headline the Thursday Throwdown before closing out the
weekend with stops in State College , PA and Tags Summerstage in Big Flats,NY.
Hope you can join in the fun as we kick off the Rock My Soul Summer Tour!
We have been lucky to have Courtenay Pollock design a new back drop for our Summer Tour. We will be hosting a
silent auction for fans to place bids for a chance to win this beautiful work. A portion of the proceeds from the
auction will benefit the Rex Foundation. Courtenay was the first person commissioned to do Tie Dye for the Grateful
Dead (1970). Courtenay did all the amp covers, speaker covers, and backdrops for the Grateful Dead from 1970-
1985. This is the first multi panel piece since the “Serpent” that was done for the Grateful Dead at the Greek
Theater.”
Dark Star Orchestra
Tour Dates
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Dark Star Orchestra News ::
Dark Star Orchestra
Concert
Reviews
Otto Marine rated buy
July 1st, 2010 |
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Kim Eng Research in a June 28 research report says: “Otto Marine said that its wholly-owned subsidiary, Surf Subsea Pte Ltd, will be taking a 19.2% stake in the US-based joint-venture company, SURF Subsea Inc.
The latter was founded by Mr Wade Abadie, who has more than 20 years of experience in offshore service companies.
Otto Marine +2.4% on venture into US market
June 28th, 2010 |
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Otto Marine (G4F.SG) +2.4% at $0.42 on increased revenue potential as shipbuilder expands into U.S. market via JV with US-based Surf Subsea to buy vessel worth US$55 million ($76.3 million) put up for sale by liquidator, says Dow Jones.
June 28: Banks, Frasers Centrepoint, Otto Marine, Sound Global, Yangzijiang
June 28th, 2010 |
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Singapore shares closed higher on Friday with the blue-chip Straits Times Index up 4.03 points to 2,851.64. Volume was 991.30 million shares worth $1.03 billion.Losers led gainers 212 to 197.
Asian stocks are likely to shuffle higher on Monday, helped by modest gains for Wall Street as fears eased of harsh regulation for the banking sector.
Otto Marine unit takes 19.2% stake in US-based JV company Surf Subsea Inc.
June 25th, 2010 |
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Offshore marine group Otto Marine says wholly-owned subsidiary Surf Subsea has taken a 19.2% stake in the US-based joint-venture company, Surf Subsea Inc. which has acquired DMT Emerald, a 292-feet Class 2 DP MSV, for US$55 million ($76.5 million).
The vessel will enable the group to enter the US market for sub-sea and offshore construction works in addition to its current seismic activities, hence creating more growth opportunities for its new business arm: Specialised Offshore Service.
Otto Marine +2.5%; Order flows gaining momentum
June 11th, 2010 |
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Otto Marine (G4F.SG) +2.5% at $0.415 as company secures its second contract this month, US$8 million deal to carry out seismic data acquisition work in New Zealand for Anadarko (APC), one of world’s largest independent oil & natural gas companies, says Dow Jones.