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Otto Marine secures charter for two PSVs

Otto Marine secures charter for two PSVs
Singapore’s Otto Marine has secured two long term charter contracts for two PSVs to an oil major in Australia, with the value of the contract worth $64m including options.

Under the firm contracts, two 4,000 dwt PSVs will be deployed to Austtralia in March-April 2015. Each of the two contracts comes with an option, putting the total charter tenure at up to 36 months.

With the latest orders, Otto Marine’s net orderbook stood at approximately more than $400m as at 31 January 2015.

“With the over 50% plunge in oil prices, investors were cautious with the industry as a whole,” said Michael See, group executive director of Otto Marine.

“While oil companies are cutting back on their capital expenditure budget, certain operational activities are still active as usual, hence there is still demand for supporting vessels from trusted business partners,” he said.

See added that the group is working towards building up its OSV chartering business in Indonesia, Australia, Mexico, Africa and beyond, giving it the benefit of geographical diversification so as to stay intact in an adverse market.

TAGS: Offshore