Otto Marine Charters Oranda 1 Vessel to Mexican Company

Otto Marine Limited, a leading offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, is pleased to announce that it has secured a time charter contract from a prominent Mexican offshore platform construction company for an initial value of USS 14.9 million for a 450 day period.

The Mexican company an option to extend the contract for another 12 months, bringing the potential value of the contract to approximately USS 20.0 million. The 4,200 bhp Work Maintenance Vessel “Oranda 1” measures 75 x 24 meters and is ABS classified.

“Oranda 1” has achieved a 96% utilization rate and has completed 4 projects in South East Asia since May 2010. This vessel will be operated by the Group’s wholly- owned subsidiary, Global Workboats Private Limited (“Global Workboats”). “Oranda 1” deployment marks the Group’s entry ¡n Mexican waters to support general topside platform maintenance works undertaken by diversified energy service companies.

Deputy President of Otto Marine, Mr Aw Chin Leng, commented, “Following a series of chartering contract wins in Africa, India and Australia, we are pleased to announce our first contract to operate in Mexican waters. Mexico is shaping up to be a very active market in 2012 and fits well Into our strategy to significantly grow the Group’s geographical presence in this neck of the woods over the next couple of years.”

Managing Director of Global Workboats, Capt. Mike Kelly, commented that “We are very pleased to enter what Is essentially a new offshore oil and gas market for Global Workboats with the Oranda 1. The vessel has proven to be very successful  in SE Asia and this has translated into a long term opportunity for her. I am positive Oranda 1 will achieve the same results in Mexican waters.”

The contract is expected to have positive contribution to the Group’s FY2012 earnings.

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Source: Otto Marine Limited, March 19, 2012