Otto Marine bagged a five-year bareboat charter contract worth $36.5m from UK-based SeaHold Geoships, with an option to extend for two more years, bringing the potential value of the contract to around $52.4m, Seatrade Asia online reports. The multi purpose field support vessel Loch Roag will become Otto's first ever vessel to operate in the North Sea to support the oil and gas and offshore renewable markets.
SeaHold Geoships intends to use the ROV support vessel for inspection, repair and maintenance activities.
The vessel completed retro fitting works at Otto's Batam shipyard and was delivered to SeaHold Geoships this month.
“This award is recognition of our ongoing efforts to solidify our status as a global supplier of OSVs,” said Aw Chin Leng, deputy president of Otto. The contract is expected to have a “marginal contribution” to the company's 2012 financial earnings, Otto said in a statement.
SeaHold Geoships intends to use the ROV support vessel for inspection, repair and maintenance activities.
The vessel completed retro fitting works at Otto's Batam shipyard and was delivered to SeaHold Geoships this month.
“This award is recognition of our ongoing efforts to solidify our status as a global supplier of OSVs,” said Aw Chin Leng, deputy president of Otto. The contract is expected to have a “marginal contribution” to the company's 2012 financial earnings, Otto said in a statement.