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Otto Marine subsidiary Swordfish 1 has entered into a long-term bareboat charter contract worth US$27 million.
The contract is for the provision of a 238-men work maintenance vessel to an offshore operator in Southeast Asia, the offshore and marine company announced early Thursday.
The vessel is expected to be delivered in the third quarter, and the contract will have a positive contribution to earnings and net tangible assets for the financial year ending Dec 31, 2015.
Otto Marine shares last traded at 3 Singapore cents on Wednesday.