Otto Marine bags US$404m charter contracts in H1

OFFSHORE marine services firm Otto Marine has bagged about US$404 million worth of charter contracts in the first half of 2014.

As at June 30, 2014, its order book stood at about US$450 million, with an average contract tenor of three to five years.

Otto Marine expects a boom in exploration and production activities as well as rising demand for offshore support vessels to drive charter rates up, it said yesterday.