Otto Marine Wins $10M Offshore Support Contract from Dutch Operator
by Quintella Koh
Thursday, August 16, 2012
Singapore's Otto Marine - an offshore marine group specializing in the building of offshore support vessels, ship chartering and offshore services operation - said Thursday that it has won a $10 million time-charter contract for its maintenance and construction/accommodation support vessel, the Seasafe Supporter.
The group's wholly-owned subsidiary, Global Workboats, will charter the vessel to a Dutch operator. The operator will then deploy the vessel to support offshore works in Gabon, Central Africa.
The contract will be for a firm 500 days with a two-month extension option, Otto Marine added.
"This type of chartering business can be profitable, but it will take some time for the company to unlock the contract value. In this respect, the contract win announced today will probably not make much of a difference to Otto Marine's year-end results," CIMB Securities vice president Yeo Zhi Bin told Rigzone.
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