The deficit for last year was $41.5m compared to profit of $15.9m in 2013, in line with the company's profit warning in February.
Otto saw its revenue fall from $512m to $355.9m in 2014.
Its shipyards’ revenue contribution dropped to $106.2m versus $225m.
Since 2009, when Otto’s shipyards accounted for 95% of the company’s revenue, the STX-listed owner has now focused more on offshore chartering.
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