Otto Marine has posted a net loss in the first quarter of 2014, reversing from a profit in the same period of last year.

Singapore-listed Otto Marine said that the first quarter loss amounted to $14.91m as against a profit of $1.03m a year ago.

Revenue fell 42.6% year-on-year to $77.18m due mainly to lower offshore vessel utilisation from the docking of several vessels for survey.

Otto Marine had warned investors on 10 May of an expected loss for the first quarter due to the lower utilisation.

The company, meanwhile, has observed a marginal increase in charter rates in the market, which it anticipates will improve in a tightening market.

“Globally, there were 134 units of jack-up rigs on order as at December 2013 providing further support for offshore support vessels demand,” Otto Marine said.