Otto Marine unit secures preferred service provider status from port operator

OTTO Marine Limited, an offshore chartering group, said on Thursday that its wholly owned unit Go Offshore Pty Ltd has entered into an agreement with a "world-renowned" port operator, to become the latter's preferred offshore and marine service provider.

Under the agreement, if the port operator requires marine or offshore vessel services for its projects, it will issue a formal request for quote to Go Offshore as preferred service provider.

Go Offshore has the right, but not the obligation, of first refusal to offer and provide such services using one or several of the vessels that it owns, manages or operates.

Group CEO Michael See said that this agreement is part of the group's efforts to expand its business network and add resilience to Otto Marine. "As the oil prices continue touching new lows and recovery for the offshore and marine industry remains remote, we are exploring all feasible opportunities to optimise revenue stream."

The partner, he added, has extensive business scope including logistics support, local and interstate transport, and equipment supply, which would offer significant business opportunities for Go Offshore, and enhance the utilisation rate of its fleets and capabilities.