Singapore’s Otto Marine, currently the subject of a takeover bid from controlling shareholder Yaw Chee Siew, has secured a shipbuilding contract from an Indonesian state-owned enterprise for a 6,500dwt product tanker. 

The order was secured by subsidiary, PT Batamec, and is valued at $14 million. 

Otto said the vessel is scheduled for delivery in the second quarter or 2018 and will operate in Indonesian waters.