Otto Marine Charters PSV Otto Explorer

Monday, January 18, 2010

Otto Marine Limited announced that it has successfully found a charter for its MT6009 PSV, named Otto Explorer. The vessel will be chartered out to the Group’s subsidiary, Singapore-based Reflect Geophysical Pte Ltd, on a bare boat charter for a contract term of 7+1+1+1 years.

The MT6009 PSV, a Multi Purpose Field Support Vessel (Hull 7037), is the first of her kind to be built in Asia on a turnkey basis. The MT6009 PSV is a DNV Class, diesel-electric propelled vessel that is environmentally friendly and provides its crew with comfort class specifications. The 3,200 DWT vessel is built with thin shell plates that allow cargo carrying capacity to be optimized. The MT6009 PSV is capable of operating in the harshest of deep-sea conditions including the challenging North Sea. The vessel measures 245 ft in length and has a deck space of approximately 600 square meters.

Reflect will take delivery of the vessel in May 2010 and will utilize it for seismic information gathering. The seismic ready vessel is currently being outfitted with the necessary seismic equipment at Otto Marine’s Batam shipyard. Reflect is expected to deploy the vessel for seismic information gathering in 2H2010.

The successful charter of the MT6009 PSV marks the commencement of Otto Marine’s new specialized services division. In this new business segment, Otto Marine intends to be a service and vessel provider to higher margin niche markets, such as the lucrative seismic and subsea segments. The group will now have three complementary business segments:
•    Shipbuilding & Ship Repair and Conversion
•    Ship Chartering
•    Specialised Offshore Services

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