Otto Marine Limited, (Otto Marine or the Group), a leading offshore marine company which owns and operates a large fleet of offshore support vessels, shipyard and offers specialized offshore services, reported Monday that the Group has secured charter contracts worth approximately $404 million in the first half of 2014 (1H2014).
With global offshore support vessels (OSVs) footprint across Africa, Asia, Australia, India, the U.S., the Gulf of Mexico and the North Sea, Otto Marine takes advantage of its strong complementary shipyard to achieve economies of scale, supporting its very own fleet renewal, expansion and upgrading program to ride on the increasing demand for OSVs.
Backed by strong long term relationships with leading Oil and Gas companies, Otto Marine enjoys a healthy order book that stood at approximately $450 million as at June 30, with an average contract tenor of 3 to 5 years.
Ultimately, the booming E&P activities, along with the rising OSV demand will enhance the supply-demand dynamics, which is expected to drive up the charter rates. Moving forward, Otto Marine’s primary focus will be placed upon capitalizing on its high growth in markets such as North Sea, Africa and Australasia as well as penetrating into cabotage-protected areas to increase its presence in high-potential regions in Malaysia and Indonesia via key partnership with the GO Marine Group.
“The oil and gas sector outlook remains healthy and continue to spur on demand for our offshore support vessels. We believe that vessel chartering services will continue to witness robust demand and as such, our main focus will be placed upon our vessel expansion, upgrades and fleet renewal program to enhance our fleet capabilities in order to meet the needs of our clients and to access different markets,” Garrick Stanley, CEO said in the press release.
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