Marco Polo Marine Clinches $46M OSV Contracts to Work in SEA, Australia
Singapore's Marco Polo Marine Ltd., a regional integrated marine logistic firm engaged mainly in shipping and shipyard business, revealed that the firm and its subsidiaries have clinched several multi-year contracts worth $46 million since November 2014, the company disclosed in a filing with the local stock exchange Monday.
Marco Polo Marine's newbuild Maintanence and Accommodation Work Boat (AWB) is expected to commence operations in April offshore Malaysia under a long-term charter secured in December 2014. The estimated contract value is around $27 million, excluding two-year plus two-year extension options.
The company's newest anchor handling tug supply (AHTS) vessel -- MP Prowess -- bagged a one-year bareboat charter, valued at $4 million and excluding a one-year extension option, in November 2014 to work offshore Vietnam.
Meanwhile, Marco Polo Marine reported that existing clients have renewed or exercised options for its offshore support vessels (OSV) with the contracts amounting to $15 million. The OSVs included vessels operating in the following locations:
- Indonesia -- MP Prelude (contract option exercised) and MP Premier (contract renewal), with both OSVs to operate there until August, pending contract finalization
- Australia -- contract for OMS Endurance, an anchor handling tug (AHT) vessel, renewed for three years with two sequential one-year options and on a bare-boat basis from January; and
- Gulf of Thailand -- contract for fast offshore utility crewboat MP Spectrum renewed for two years from November 2014
These contracts indicated a further diversification of the Group’s OSV fleet.
“Our integrated strategy with focus on regional waters as well as OSVs plying in relatively shallow waters is demonstrating signs of resilience in current market conditions. Amidst the recent somewhat relentless decline in oil prices, we are heartened that we are able to compete effectively by securing new contracts as well as renew existing ones," Marco Polo Marine CEO Sean Lee Yun Feng commented in the press release.
"Despite the precipitous slide in prices, there are still on-going and new projects being undertaken in both exploration as well as development work in South-east Asian waters including Australia,” Lee added.
Marco Polo Marine is also diversifying its service offerings, with the company in the midst of establishing a Rig Division. This followed the award of a contract to Singapore-based PPL Shipyard to build a high-specification Pacific Class 400 jackup which is slated for delivery in November 2015.
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