Otto Marine Secures Time-Charter Contract in Gabon

Otto Marine Limited, a leading offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services,announced that it has secured a time-charter contract for its Maintenance and Construction/Accommodation support vessel, Seasafe Supporter, for a firm 500 days with an option to extend for 2 months.

The contract is expected to generate about US$10.0 million for the minimum scheduled period of the charter.

Seasafe Supporter is an ABS-classed support vessel capable of accommodating 90 men. It is fully equipped with 4-point mooring system, 45 Tonne Deck Pedestal crane with 120 foot boom and is also DP zero /DP1 capable.

The Group’s wholly-owned subsidiary, Global Workboats, will charter Seasafe Supporter to a Dutch operator who will in-turn deploy this vessel to support offshore works in Gabon, west coast of Africa.

Executive Director and Deputy President of Otto Marine, Mr Aw Chin Leng, commented,

“High oil price continues to stimulate E&P activities and demand for offshore support vessels remain encouraging. We have been working on expanding our ship chartering arm through increasing our fleet and growing our geographical coverage. Africa is one of our key target markets and we certainly have made inroads and our presence felt as we have around eight offshore vessels deployed there.

We remain dedicated in growing our ship chartering business and will continue to explore vessel deployment to new geographical locations globally.”

Managing Director of Global Workboats, a 100% owned subsidiary of Otto Marine, specializing in offshore supply vessel operations, Capt. Mike Kelly, commented that “We are pleased with the progress we made in Africa. With Otto Marine providing us with high quality assets to expand our existing fleet, we remain confident about achieving a critical mass to enjoy economies of scale. We will continue to work on maximizing utilization rates so as to optimize returns moving ahead.”

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Source: Otto Marine, August 16, 2012