Otto Marine secures approximately US$404 million worth of charter contracts in 1H2014
Otto Marine Limited, a leading offshore marine company which owns and operates a large fleet of offshore support vessels, shipyard and offers specialized offshore services, announce that the Group has secured charter contracts worth approximately US$ 404 million in the first half of 2014, the company said in its press release.
With global offshore support vessels (OSVs) footprint across Africa, Asia, Australia, India, the U.S., the Gulf of Mexico and the North Sea, Otto Marine takes advantage of its strong complementary shipyard to achieve economies of scale, supporting its very own fleet renewal, expansion and upgrading program to ride on the increasing demand for OSVs. Backed by strong long term relationships with leading Oil and Gas companies, Otto Marine enjoys a healthy order book that stood at approximately US$450 million as at 30 June 2014, with an average contract tenor of 3 to 5 years.
Ultimately, the booming E&P activities, along with the rising OSV demand will enhance the supply - demand dynamics, which is expected to drive up the charter rates. Moving forward, Otto Marine’s primary focus will be placed upon capit alizing on its high growth in markets such as North Sea, Africa and Australasia as well as penetrating into cabotage - protected areas to increase its presence in high - potential regions in Malaysia and Indonesia via key partnership with the GO Marine Group.
About Otto Marine Limited
Otto Marine Limited is an offshore marine group which owns and operates a large fleet of offshore support vessels and is engaged in specialized shipbuilding of offshore vessels for primarily Deep Sea applications. The shipbuilding includes ship repair and conversion. Headquartered in Singapore, the company owns/leases and operates 64 offshore vessels and one of the largest shipyards in Batam, Indonesia - one of the most sophisticated yards in Asia Pacific. The yard is building to ABS, DNV and Norwegian class standards.
