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Marco Polo Marine bags over $46m in OSV charters

Marco Polo Marine bags over $46m in OSV charters
Singapore-listed Marco Polo Marine has announced a raft of recent charter signings, extensions and exercising of options worth over $46m since November 2014.

In November the group's managed AHTS Prowess secured a one-year bareboat charter in Vietnam worth $4m excluding a one-year extension option.

In December a contract worth $27m, excluding options for two years plus two years, was signed for the company's maintenance and accomodation workboat vessel. The bareboat charter is expected to start in April 2015.

Other charters totalling over $15m were also signed in the period. Pending finalisation of the contract, the DP2 AHTS vessels Prelude and Premier have had options on their charters confirmed, keeping them at work until August 2015. AHT Endurance will stay in Australian waters for three further years on a bareboat contract, with two one-year options attached. Crewboat Spectrum had its charter renewed for two years, and will remain in the Gulf of Thailand.

“Amidst the recent somewhat relentless decline in oil prices, we are heartened that we are able to compete effectively by securing new contracts as well as renewing existing ones," commented ceo Sean Lee Yun Feng.

"Most importantly, these awards that we have secured are relatively long-duration and stable contracts in nature. With these positive tailwinds, we usher in 2015 with strong confidence to undergo and eventually overcome the challenges in these tumultuous times ahead through continual rigour and hard work.”