Singapore: Otto Marine Enters Chartering Contracts for Its AHTS Vessels

Otto Marine Limited, an offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, announced that it has secured ship chartering contracts worth a total of US$16.6 million for two AHTS vessels in the African waters.

The Group has secured a 3-year time-charter contract worth US$14.8 million for its 7,200 bhp AHTS with DP class 2 capabilities “Beluga 2”. In addition, the Group has also secured another 4-months contract worth US$1.8 million for its 8,000 bhp AHTS, “Redfish 3”. Both vessels will be operated by Global Workboats Private Limited (“Global Workboats”) and deployed off the coast of Congo in the African waters. The two AHTS will be servicing the offshore oil and gas industry and will provide offshore support services to rigs and platforms.

Including “Beluga 2” and “Redfish 3”, Otto Marine now has a total of six offshore support vessels deployed in the African waters. Previous 4 vessels already deployed include two 61 meters utility vessels, one 75 meters MV and a 7,200 bhp AHTS.

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

“Offshore oil and gas sector remains robust in a number of areas in the African waters and the further expansion in Africa bodes well for Otto Marine’s strategy to strengthen the ship chartering arm. Our presence in Africa now boast six offshore vessels and we will continue to leverage on Otto Marine’s unique position in the African waters to gain a stronger foothold there.

In addition to strengthening the position in existing locations, we are also committed to evaluating prospects across new geographical locations.”

Managing Director of Global Workboats Private Limited, a 100% owned subsidiary of Otto Marine, specializing in offshore supply vessel operations, Capt. Mike Kelly, commented that “We are scaling up our operations in Africa to meet different clients’ needs with our expanding vessel portfolio. Global Workboats is enjoying an enhanced presence in the region with quality vessels that Otto Marine is providing, and looks forward to the successful completion of projects that Beluga 2 and Redfish 3 are embarking on.”

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Source: Otto Marine, May 16, 2012