Otto Marine wins charter contract worth up to A$94.8m

OFFSHORE chartering group Otto Marine said on Wednesday it has secured a contract worth up to A$94.8 million (S$95.3 million) through its unit.

The vessel under the charter will be a 100-tonne Bollard Pull OSV (offshore support vessel) for FPSO (floating production storage and offloading) infield support in the gas field of 40-year life in Australia.

The client is a "renowned international oil and gas exploration and production company", Otto said.

The chartering contract is confirmed for five years from May 2017, with the option of an additional five-year extension. The contract value for the confirmed period of five years alone is A$47.4 million.

"We will continue to enhance the reputation and generate business through advanced planning, which will help us fulfil our charter contracts, maintain our utilisation rates, thus improve the efficiency in our operations," said Michael See, group CEO, in a statement. "Overall, we are on the right path to enhance Otto Marine's credibility as a trusted business partner."