Singapore: Otto Marines AHTS Receives DNV Class Certification

  • Business & Finance


Otto Marine Limited,  a leading offshore marine company which specialises in building complex offshore support vessels,  ship chartering and offers specialised services, to announces that its vessel with hull number 7047 named “Deep Sea 1”, has obtained the much coveted maritime class certification from Det Norske Veritas (“DNV”) on 20 June 2011.

This vessel is one of the four identical AHTS penned by Mosvold in 2007. Hull number 7047 is a powerful 21,000 bhp AHTS with hybrid propulsion, fitted with Dynamic Positioning capable of all types of towing and anchor handling  activities. Notably, it is built to North Sea specifications that enable the vessel to weather harsh sea conditions. The Group expects the remaining 3 vessels of the same design to be successfully delivered over the next one year.

“This vessel adopts the latest VS491 design from renowned Norwegian ship design house Vik-Sandvick – now renamed Wartsila Design. Otto Marine is proud to be the first Asian yard that has built and completed the sophisticated VS491 AHTS on a turnkey basis. We have reached this development stage purely through internal funding. With the receipt of this globally recognised DNV certification, we can look towards sourcing for financing avenues to improve the Group’s  cash position necessary OTTO MARINE LIMITED  for our corporate strategies. There is already a healthy level of market enquiries to purchase or charter this vessel. We are currently in the process of assessing and evaluating both options,  while we remain committed to maximizing shareholders’ returns as well as keeping in mind the cash flow requirements of our operations. I believe we have taken one step closer to putting overhanging issues behind us and marching towards a much better future.” said Mr Lee Kok Wah, President cum Group Chief Executive Officer.

Source: Otto Marine, June 23, 2011.

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