Otto Marine Limited, (Otto Marine or the Group), a Singapore-listed offshore marine company which owns and operates a large fleet of offshore support vessels, shipyard and offers specialized offshore services, announced Thursday the confirmation of time charter contract for Platform Supply Vessel (PSV) - Sea Frost, for approximately $8.0 million.
Under the contract, which has recently commenced, Sea Frost has been contracted to support the Atwood Eagle (DW semisub) located in Australia for a period of 152 days. The client, a renowned oil and gas exploration and production company, has the option of extending the contract for an additional two terms based on the same terms and conditions.
Completed in 2013, Sea Frost is the latest addition to the Group’s fleet, held under subsidiary Go Marine Group Pty Ltd. Measuring 291 feet (88.8 meters) in length, Sea Frost is an 8,600 brake horsepower (bhp) PSV with 11,033 square feet (1,025 square meters) of deck space. It is DNV classed and equipped with dynamic positioning 2 (DP2) technology.
“Ship operating and chartering has been a very important aspect of Otto Marine’s business and will continue to be our main focus going forward. Sea Frost is a part of our efforts to grow and expand our fleet to comprise of a diverse and comprehensive range of vessels with different tonnages. Improving the fleet profile and maintaining a young fleet will be a continual process in the execution of our strategy to be one of Asia Pacific’s leading offshore support vessel charterer," CEO Garrick Stanley said.
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