Singapore’s offshore vessels builder Otto Marine has diversified into the tanker segment as it bagged a new contract to build one product oil tanker.

Apart from the 6,500-dwt products tanker newbuilding contract, Otto Marine also secured orders to build two 1,200 gt ferries, and they combined value of the newbuilding contracts is $23m.

The products tanker is ordered by a local Indonesian firm while the ferries are ordered by an Indonesian state-owned enterprise.

The newbuildings are slated to be delivered 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 Michael See, group ceo of Otto Marine.