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Otto Marine in $34m charter deal

Otto Marine in $34m charter deal

Singapore: Otto Marine has chartered out an accommodation work barge for $34.2m. The Singapore-listed company has chartered the 300-man accodomodation work barge on a bareboat basis to Petra Resources for three years. Petra Resources has options to buy the vessel after the sixth, 12th, 24th and 36th months of the contract. "We are pleased to usher in the Year of the Tiger with a new ship chartering agreement. Ship chartering, with its steady cash flow, remains a key pillar of Otto Marine's growth," said Lee Kok Wah chief executive of Otto Marine. [19/02/10]

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