Otto Marine secures work for its new vessel

  • Business & Finance

Otto Marine Limited, an offshore chartering group, has secured a long-term bareboat charter contract worth $26 million.

The charter is for a 238-men, DP2 Work Maintenance Vessel that measures 85 meters in length and 23 meters in width. It has a clear deck area of 635 m2, and is equipped with a deck crane of 80-ton lifting capacity.

According to Otto Marine, the vessel is currently being built at a third-party yard and is expected to be delivered by the end of 2015. The vessel will be deployed in the Asia Pacific Region once the charter starts.

Commenting on the secured charter contract, Michael See, Group CEO said, “Further to the first unit of the 238-men, DP2 Work Maintenance Vessel that we took delivery and chartered out to the South East Asia region in August 2015, we are pleased to secure the charter for another vessel in the series that is on schedule for delivery.

See also added: “Similar with the 1st unit of 238-men accommodation work vessel which was announced in August 2015, this newly secured charter contract for the 2nd unit of accommodation work vessel is also expected to contribute positively to the Group’s financial performance in 2016 and the next few years.”

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