Otto Marine Cashes In $404 Mln in Charter Contracts
- Business & Finance
Otto Marine Limited, an offshore marine company which owns and operates a large fleet of offshore support vessels, has secured charter contracts worth approximately US$404 million in the first half of 2014 (1H2014).
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.
As explained by Otto Marine, 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 said that its primary focus will be placed upon capitalizing 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.
“The oil and gas sector outlook remains healthy and continue to spur on demand for our offshore support vessels. We believe that vessel chartering services will continue to witness robust demand and as such, our main focus will be placed upon our vessel expansion, upgrades and fleet renewal program to enhance our fleet capabilities in order to meet the needs of our clients and to access different markets,” said Mr. Garrick Stanley, Chief Executive Officer.
Press Release, July 14th, 2014