Singapore: Otto Marine Signs Time Charter for Work Maintenance Vessel

Otto Marine Limited, a leading offshore marine company which specializes in building complex offshore support vessels, ship chattering and offers specialized offshore services, announced that it has secured a time charter contract from a prominent Mexican offshore platform construction company for an initial value of US$ 14.9 million for a 450 day period, with an option to extend the contract for another 12 months, bringing the potential value of the contract to approximately US$ 20.0 million.

The 4,200 bhp Work Maintenance Vessel “Oranda 1″ measures 75 x 24 meters and is ABS classified. “Oranda 1” has achieved a 96% utilization rate and has completed 4 projects in South East Asia since May 2010. This vessel will be operated by the Groups wholly owned subsidiary, Global Workboats Private Limited.

“Oranda 1” deployment marks the Group’s entity in Mexican waters to support general topside platform maintenance works undertaken by diversified energy service companies. Deputy President of Otto Marine, Mr Aw Chin Lang, commented, “Following a series of chartering contract wins in Africa, India and Australia, we are pleased to announce our first contract to operate in Mexican waters. Mexico is shaping up to be a very active market in 2012 and fits well into our strategy to significantly grow the Group’s geographical presence in this neck of the woods over the next couple of years. ”

Managing Director of Global Workboats, Capt. Mike Keily, commented that “We are very pleased to enter what is essentially a new offshore oi and gas market for Global Workboats with the Oranda 1. The vessel has prover: to be very successful in SE Asia and this has translated into a long term opportunity for her. I am positive Oranda 1 will achieve the same results in Mexican waters.”