Otto Marine Secures OSV Chartering contract worth AUD94.8 mln to a renowned international E&P company

By Curious

Otto Marine Limited, a leading offshore chartering group, which owns and operates more than 50 offshore support vessels globally, and also engaged in specializing shipbuilding, repair and conversion of offshore support vessels, announced yesterday that its wholly-owned subsidiary, GO Offshore Pty Ltd, has been awarded a chartering contract worth up to AUD 94.8 million.

The vessel under the charter will be a 100-tonne Bollard Pull OSV, for FPSO infield support in the gas field of 40-year life in Australia. The client is a renowned international oil and gas exploration and production (E&P) company. The chartering contract is confirmed for 5 years from May 2017 with the option of an additional 5 year extension. The contract value for the confirmed period of 5 years is AUD47,4 million and with the Option, the total contract value is AUD94.8 million.

Commenting on the contract win, Mr.Michael See, Group CEO said:

“We are delighted to have secured this chartering contract. The client is a world renowned E&P company and we are pleased to establish a working relationship with them. Otto Marine draws years of experience and expertise in fleet management and advanced planning, and gradually built up our strong reputation in chartering, vessel delivery, and reliability. This in turn fostered a strong customer network that has continued to generate enquiries and charter contracts. We will continue to enhance the reputation and generate business through advanced planning, which will help us fulfill our charter contracts, maintain our utilization rates, thus improve the efficiency in our operations.
Overall, we are on the right path to enhance Otto Marine’s credibility as a trusted business partner.”

Source: Otto Marine