New contracts extend Otto Marine OSV operating horizons

ottomarineSingapore's Otto Marine Limited says that its Karp Marine Limited unit has secured vessel operating contracts worth US$15 million for three of the group's offshore service vessels.

These contracts mark the Group's entry into new vessel operation markets: the Middle East and West and South Africa.

The contracts are for time charter for three of Otto Marine's offshore service vessels.

The  75 m 4,200 bhp work maintenance vessel Oranda 1 will be deployed with Leighton Engineering in the Leighton Iraq Project. (a S$733 million EPC contract with Iraq's South Oil Company for a crude oil export facility project at Fao Terminal near Basra that is part of the Iraq Crude Oil Export Expansion Project which is developing offshore loading facilities to enable export capability of 4.5 million barrels of oil per day).

The 61 m 4,000 bhp Work Maintenance vessel Seasafe Salvo  will be deployed in Cameroon with Perenco Rio Del Rey. An identical vessel, Seasafe Supporter wvessel will be deployed in South Africa with De Beers Marine (Pty) Limited which carries out deep-water mining on a contract basis.

"Our vessel, Oranda 1, recently completed contracts with Transocean and Hallin Marine," commented Otto Marine President and CEO Mr. Lee Kok Wah, "And now after the last job the vessel is being contracted with Leighton at the Leighton Iraq Project in the Middle East. We are pleased with the vessel operating contracts being secured for Oranda 1 and the two 61 meters work maintenance sister vessels."

"Leighton, Perenco Rio Del Rey and De Beers Marine are prominent names in the industry and it gives us great pleasure to be working with them. We look forward to the successful completion of these contracts," he added.

July 20, 2011

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