Otto Marine Bags $27mln Charter Contract

Otto Marine Limited, a builder and charterer of complex offshore support vessels and specialized offshore services provider, announced that its wholly-owned subsidiary, Swordfish 1 Pte Ltd, has entered into a long-term bareboat charter contract worth $27 million.

 

The 238-man work maintenance vessel measures 85 meters in length and 23 meters in width, and has a clear deck area of 635 square meters. It is DPS-2 classified, and is equipped with a deck crane of 80-ton lifting capacity. The vessel is currently under construction and is scheduled to be delivered to an offshore vessel operator in the Southeast Asia region in the third quarter of 2015.

 

Commenting on the new charter contract, Michael See, Group CEO said, “We are pleased to see the order book being further enhanced with the new charter contract. The new charter demonstrated Otto Marine’s credibility as a trusted business partner, as well as our capability to secure new business even in an overall challenging market environment. We expect this contract to contribute positively to the group’s financial performance in financial year 2015.”

 

See continued, “With the strategy to direct the business focus to offshore chartering, the group has been making good progress in the implementation of the fleet renewal and upgrading program. We are confident that our young, high-quality, well-diversified and technologically-advanced fleet, will meet customers’ requirement in our targeted markets globally, and equip the group to weather any market volatilities.”