Otto Marine secures charter contract for Sea Frost worth approximately US$8.0 million
Otto Marine Limited, a leading offshore marine company which owns a nd operates a large fleet of offshore support vessels, shipyard and offers specialized offshore services, is pleased to announce the confirmation of time charter contract for Platform Supply Vessel (“PSV”) - Sea Frost, for approximately US$8.0 million, the company said in its press release.
Under the contract, which has recently commenced, Sea Frost has been contracted to support the Atwood Eagle rig located in Australia for a period of 152 days. The client, a renowned oil and gas exploration and production company, has the option of extending the contract for an additional two terms based on the same terms and conditions. Completed in 2013, Sea Frost is the latest addition to the Group’s fleet, held under subsidiary Go Marine Group Pty Ltd. Measuring 88.8 meters in length, Sea Frost is an 8,600 bhp PSV with 1,025 square meters of deck space. It is DNV classed and equipped with dynamic positioning 2 (DP2) technology.
About Otto Marine Limited
Otto Marine Limited is an offshore marine group which owns and operates a large fleet of offshore support vessels and is engaged in specialized shipbuilding of offshore vessels for primarily Deep Sea applications. The shipbuilding includes ship repair and conversion. Headquartered in Singapore, the Company owns/leases and operates 64 offshore vessels and one of the largest shipyards in Batam, Indonesia - one of the most sophisticated yards in Asia Pacific. The yard is building to ABS, DNV and Norwegian class standards. Its customers are primarily deep sea and offshore operators and equipment companies who provide logistics support and offshore services to companies operating globally in the oil and gas industry. Otto Marine’s specialized approach has allowed it to build up its expertise operating a large offshore fleet and through its shipyard constructing high specification deep sea and offshore support vessels. This quality and level of sophistication has enabled the Company - as one of the few in Asia - to gain recognition as a Marine Services company operating a large deepwater fleet of support vessels with its shipyard focusing on its fabrication, ship repair and building for local content requirements of its clients.