Singapore’s Otto Marine Limited has secured a ship chartering contract for a firm 180 days, with option to extend for 3 x 1 month + 3 x 1 yearfor its newly built 75 meters Work Maintenance Vessel.
The contract is expected to generate approximately US$7.6 million for the minimum scheduled period of the charter and up to US$57.13 million with options. The 4,200bhp Work Maintenance Vessel “SOC Endeavour” measures 75 x 24 meters and is ABS classified, will be deployed for general maintenance works in the Kuwaiti, UAE and offshore Iraqi waters. The vessel was delivered to charterer in early June.
Executive Director and Deputy President of Otto Marine, Mr Aw Chin Leng , commented, “Otto Marine has been providing OSV services in the Middle East for some time and this contract supports our overall fleet strategy of maximizing utilization. Our continued stream of new contract wins across the globe by our chartering arm validates our international expansion strategy. We will continue to aggressively build Otto Marine’s chartering earnings and the expansion of our chartering program. These developments provide for higher degree of earnings certainty and continued value creation for our investors. ”
The contract is expected to have positive contribution to the Group‘s FY2012 earnings.
[mappress] Offshore Energy Today Staff, June 18, 2012