Otto Marine Wins $10M Offshore Support Contract from Dutch Operator

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.
Otto Marine reported on Wednesday a 2Q 2012 net loss of $33.6 million as compared to a loss of $32.4 million in the same period last year. This is the fifth consecutive quarter in which the company is reporting a loss.


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