Otto Marine bags OSV deal in Australia

  • Business & Finance

Otto Marine, an offshore chartering group, has announced that its subsidiary GO Offshore, has been awarded a chartering contract worth up to AUD94.8 million ($68.5M).

The vessel under the charter will be a 100-tonne Bollard Pull offshore support vessel (OSV), for FPSO infield support in the gas field of 40-year life in Australia.

The client is an international oil and gas exploration and production company. The chartering contract is confirmed for 5 years from May 2017 with the option of an additional 5-year extension.

The contract value for the confirmed period of 5 years is AUD47.4 million ($34.24M) and with the option, the total contract value is AUD94.8 million.

Commenting on the contract win, Michael See, Group CEO said, “We are delighted to have secured this chartering contract. The client is a world renowned E&P company and we are pleased to establish a working relationship with them.”

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