Singapore's Otto Marine Limited, (Otto Marine or the Group), a leading offshore chartering group, which owns and operates more than 50 offshore support vessels globally, and also engaged in specialized shipbuilding, repair and conversion of offshore support vessels, announced Thursday that its wholly-owned subsidiary, Go Offshore Pty Ltd. (GO Offshore), has entered into an agreement (Agreement) with a world-renowned port operator, to become the latter’s preferred offshore and marine service provider.
Under the Agreement, if the port operator requires marine or offshore vessel services (Services) for their projects, it will issue a formal request for quote to GO Offshore as preferred service provider. GO Offshore has the right, but not the obligation, of first refusal to offer and provide such Services using one or several of the vessels that it owns, manages or operates.
Commenting on the Agreement, Michael See, Group CEO said:
“As the oil prices continue touching new lows and recovery for the offshore and marine industry remains remote, we are exploring all feasible opportunities to optimize revenue stream. Further to our announcement earlier on the partnership with a renowned port operator to explore the potential development of a fabrication & marine facility, we are pleased to see that GO Offshore becomes this partner’s preferred offshore and marine service provider.
The partner has extensive business scope including logistics support, local and interstate transport, and equipment supply, which would offer significant business opportunities for Go Offshore, and enhance the utilization rate of our fleets and capabilities. As part of our efforts to expand our business network and add to the resilience of Otto Marine in an extraordinarily weak market, this Agreement highlights another area that we can work together, and create a mutually beneficial situation.”
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