Otto Marine Clinches $68.5M Charter Contract for OSV to Work Off Australia

Singapore-listed 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 (OSV), announced Wednesday that its wholly-owned subsidiary, GO Offshore Pty Ltd., has been awarded a chartering contract worth up to $68.5 million (AUD 94.8 million).

The vessel under the charter will be a 100-ton Bollard Pull OSV, for floating production storage and offloading (FPSO) infield support in the gas field of 40-year life in Australia. The client is a renowned international oil and gas exploration and production (E&P) company. The chartering contract is confirmed for 5 years from May 2017 with the option of an additional 5 year extension (the Option). The contract value for the confirmed period of 5 years is $34.3 million  (AUD 47.4 million) and with the Option, the total contract value is $68.5 million (AUD 94.8 million).

Commenting on the contract win, Michael See, Group CEO said,

“We are delighted to have secured this chartering contract. The client is a world renowned E&P company and we are pleased to establish a working relationship with them. Otto Marine draws years of experience and expertise in fleet management and advanced planning, and gradually built up our strong reputation in chartering, vessel delivery, and reliability. This in turn fostered a strong customer network that has continued to generate enquiries and charter contracts. We will continue to enhance the reputation and generate business through advanced planning, which will help us fulfil our charter contracts, maintain our utilization rates, thus improve the efficiency in our operations.

Overall, we are on the right path to enhance Otto Marine’s credibility as a trusted business partner.”

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