Otto Marine Secures Long Term Time-Charter Contract (Singapore)

Otto Marine Limited, a leading offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, reports that it has secured a long term time-charter contract for its Landing Craft, CS Ann Marie, through its subsidiary, Go Offshore Pty Ltd with an extension option.

The contract is expected to generate about US$15.1 million for the minimum scheduled period of the charter and up to US$18.5 million with options. CS Ann Marie is of BV 1 Hull Mach Deck Ship for Unrestricted Service classification, measures 63.0 meters in length and 14.6 meters in breadth. CS Ann Marie boasts a deck area of 555m3 and is capable of 3,885 tonnes of cargo deck load.

Go Offshore will charter CS Ann Marie to a world-class oil & gas major to support its Construction and Drilling works in North West Shelf of Western Australia.

Executive Director and Deputy President of Otto Marine, Mr Aw Chin Leng, commented, “We have been building up a healthy momentum of contract wins in our Ship Chartering division. This is definitely encouraging as we are gradually reaping the fruits of our strategy to expand our chartering arm. We will continue to work towards maximizing our fleet utilization rate by getting more chartering contracts, and also increasing our presence in key target markets like Australia and Africa.”

Managing Director of Go Offshore, subsidiary of Otto Marine, specializing in marine services to offshore oil & gas industry, Mr Garrick Stanley, commented that “We are honored to partner with such a prominent and established oil & gas major for this contract. This is a strong vote of confidence on our execution capabilities. We will work on ensuring smooth completion of this project and impress upon our customer our dedication and commitment.”

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Press Release, August 30, 2012