Otto Marine Limited (Otto Marine or the Group), a leading offshore marine company that specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, announced Monday that its wholly-owned subsidiary, Otto Marine Shipyard Pte Ltd. (Otto Shipyard), has entered into a Memorandum Of Understanding (MOU) with a world-renowned Port Operator (Port Operator) to explore the potential development of a Fabrication and Marine Facility (the Proposed Development).
Proposed Development and Operations
The Proposed Development is strategically located in close proximity to Singapore and to the South East Asia region oil and gas fields. Otto Shipyard currently operates a 161 acre (65 hectare) shipyard through its sister company PT. Batamec. The Proposed Development will use a fraction of the yard space and is not expected to cause any disruption on PT. Batamec’s existing shipyard facilities. The Proposed Development is expected to be fully operational by July 2017.
Commenting on the MOU, Michael See, Group CEO said:
“We are enthusiastic about this new partnership with a well-established company and we look forward to a smooth and fruitful collaboration. This is especially uplifting with the continued dreary conditions in the oil and gas industry. The Proposed Development will provide new avenues which will improve our overall competitiveness and give us an edge in the region.
We have strong capabilities in fabrication, ship repair and conversion and we have a healthy client base that has utilized our sophisticated offshore fabrication services over many years. Furthermore, being in Batam helps us obtain cabotage related business. For this upcoming fabrication and marine base, we can provide the above mentioned expertise along with infrastructural and labor support, and the local know-how. Adding value to this partnership, our partner brings to the table its world class experience and expertise in port management and a robust following of loyal and repeat customers as well.
With our combined expertise, I believe this venture will be highly beneficial to both sides in the long run."
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