Otto Marine wins Middle East charter for new Work Maintenance Vessel

Otto Marine work maintenance vesselJUNE 18, 2012 — Singapore headquartered Otto Marine Limited has secured a ship chartering contract for a newly built 75 m Work Maintenance Vessel. The charter is for a firm 180 days, with options to extend for three one-month and three one-year periods. The contract is expected to generate approximately US$7.6 million for the minimum scheduled period of the charter and up to US$57.3 million with options.

The ABS classified, 4,200 bhp SOC Endeavour measures 75 m x 24 mand is ABS classified, will be deployed for general maintenance works in the Kuwaiti, UAE and offshore Iraqi waters. The vessel was delivered to the charterer in early June.

Executive Director and Deputy President of Otto Marine, Mr Aw Chin Leng, commented, "Otto Marine has been providing OSV services in the Middle East for some time and this contract supports our overall fleet strategy of maximizing utilization. Our continued stream of new contract wins across the globe by our chartering arm validates our international expansion strategy. We will continue to aggressively build Otto Marine's chartering earnings and the expansion of our chartering program. These developments provide for higher degree of earnings certainty and continued value creation for our investors. "

Want more? Subscribe now!

News from NASDAQ