Otto Marine's Newbuild Work Maintenance Vessel Prepares for SEA Charter
Otto Marine Limited (Otto Marine or the Group), a Singapore-based offshore marine company that specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, announced Thursday that further to a long-term bareboat charter contract (the Charter) that was secured in June, it has taken delivery of a 238-men Work Maintenance Vessel (the Vessel) to fulfill that Charter.
The delivery ceremony of the Vessel, Nautical Aliya, was held at a shipyard in China today. Nautical Aliya is the first unit of the DPS-2 Work Maintenance Vessel series completed. The second unit is currently under construction and will be completed by the end of this year.
The vessel measures 279 feet (85 meters) in length and 75 feet (23 meters) in width. It has a clear deck area of 6,835 square feet (635 square meters), and is equipped with a deck crane of 80-ton lifting capacity. It was built in a third party yard, and is on schedule for charter deployment in the South East Asia region.
Swordfish 1 Pte Ltd, a wholly-owned subsidiary of the Group, has entered into the Long Term Bareboat Charter for five years in June.
Commenting on the vessel delivery, Michael See, Group CEO said,
“We are pleased to add the new vessel to our fleet. This is in line with our strategy to maintain a healthy quantity of our own vessels in the fleet, in view of the better profit margins they can generate.
We take a prudent approach in the current relatively weak market. Our strong customer network has continued to generate enquiries and charter contracts, and we plan our fleet accordingly. The close working relationship with shipbuilders has ensured on-time delivery of vessels, helped us fulfill our charter contracts, and enhanced Otto Marine’s credibility as a trusted business partner.
In 2Q 2015, we added $132.2 million new chartering contracts, bringing the total order book to $307.2 million as at June 30. Fleet utilization rate has increased from 59.2 percent for 1Q 2015 to 74.0 percent for 2Q 2015, and our financial performance has shown encouraging improvement in 2Q 2015. The new vessel addition, with its secured long term charter contract, is expected to contribute positively to the Group’s financial performance in 2015.”
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