Otto Marine Bags OSV Chartering Contract Worth $68m

By Aiswarya Lakshmi March 2, 2016

Singapore’s offshore chartering group Otto Marine has bagged a OSV chartering contract worth up to $68.5m from an international oil and gas E&P firm.

The charter, inked by Otto Marine’s wholly-owned Go Offshore, is for a 100-tonnes bollard pull OSV for FPSO infield support in the gas field of 40-year life in Australia.

The chartering contract is confirmed for 5 years from May 2017 with the option of an additional 5 year extension.

Michael See, group ceo of Otto Marine, said: “We will continue to enhance the reputation and generate business through advanced planning, which will help us fulfil our charter contracts, maintain our utilisation rates, thus improve the efficiency in our operations.”

For the confirmed period of 5 years, the contract value is A$47.4 million and with the option, the total contract value is A$94.8 million, Otto Marine said.