Otto Marine Secures $40M Charter Deal for Newbuild AHTS

Otto Marine Limited, (Otto Marine or the Group), a Singapore-based offshore marine company which owns and operates a large fleet of offshore support vessels, shipyard and offers specialized offshore services, announced Friday that the Group has secured a charter contract for its 24,000 bhp (brake horsepower) AHTS (anchor handling tug supply) vessel, Go Pegasus worth approximately $40 million including options.

Go Pegasus will soon be mobilized and deployed to the North Sea where she will work for the summer season before commencing its term contract from September 2014. As part of the contract, the client also has options to extend the contract for an undisclosed period.

Construction of Go Pegasus was recently completed at the Group’s Batam yard in Indonesia. Go Pegasus is a Norwegian designed and DNV classed anchor handling tug supply (AHTS) vessel. Equipped with dynamic positioning 2 (DP2) capabilities, the VS491, 24,000 bhp AHTS is particularly suited for work in harsh environments.

“We are very happy to have secured a sizeable contract for Go Pegasus’ maiden project immediately after it joins our fleet. In addition to enhancing our fleet profile, Go Pegasus will aid the Group in strengthening our presence in the North Sea and pave the way for future work in the region. This charter contract is a reflection of the strong interest we are receiving globally for vessels with this tonnage, and we hope to keep Go Pegasus highly utilized on projects around the world,” Garrick Stanley, CEO said.

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