Otto Marine bags two PSV charter contracts worth $64 million

SINGAPORE -- Otto Marine has secured two long-term charter contracts for two PSVs to an oil major in Australia.

Under the contracts, two 4000 dwt capactiy PSVs will be mobilised to Australia in March-April 2015.

Each of the two contracts secured comprises of a firm charter period and option, adding the total charter tenure of up to thirty six months. Total contract value for the firm period and options for the two vessels is approximately $64 million (approximately AUD80 million).

With the latest orders, the group’s net order book stood at approximately more than $400 million as at Jan. 31, 2015.

Commenting on the charters, Michael See, Group Executive Director said, "With the over 50% plunge in oil prices, investors were cautious with the industry as a whole. While oil companies are cutting back on their capital expenditure budget, certain operational activities are still active as usual, hence there is still demand for supporting vessels from trusted business partners."

"The new PSV charter contracts not just demonstrated our strong customer base and close relationships with leading global oil & gas companies, both NOCs and IOCs, but also the fact that our vessels and services are valued by our customers as we provide our utmost quality services to our customers."