Otto Marine secures new contracts worth USD 131 mln in Q2FY2015
Otto Marine Limited, a leading offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, in the second quarter of financial year 2015 till date, has secured new orders worth USD 131 million, primarily contributed by the chartering business, the company said in its press release.
The substantial increase in new chartering contracts was attributable to the Group’s strategy to improve the utilization rate of the fleet, in view of the potential cost that idle vessels will incur. Utilization rate for the Group’s chartering business has improved for Q2FY2015 against the last few quarters.
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. Its customers are primarily deep sea and offshore operators and equipment companies who provide logistics support and offshore services to companies operating globally in the oil and gas industry. Otto Marine’s specialized approach has allowed it to build up its expertise operating a large offshore fleet and through its shipyard constructing high specification deep sea and offshore support vessels.
