Singapore-listed Otto Marine has announced that its offshore shipyard has branched out to secure three newbuilding contracts worth US$23m in total.

The contracts are made up of one 6,500 TLDW product tanker and two 1,200gt ferries. The product tanker was ordered by a local Indonesian firm and the ferries were placed by an Indonesian state-owned company.

The vessels are slated for delivery in the fourth quarter of 2017.

"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," said Michale See, CEO of Otto Marine.