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Otto Marine secures two long term Charters

Vincent Chia

Otto Marine Limited announced that it has secured 2 long term charters. These are for 2 PSVs to an Oil Major in Australia. The contracts will begin in Mar-Apr 2015 and have a total charter tenure of up to 36 months. Total value of the charter contract including the options for extension is about US$ 64million. These 2 contract wins bring Otto Marine’s orderbook to US$ 400million as at 31 Jan 2015. The charter also shows that oil companies still have certain active operational activities. This is despite the steep plunge in oil prices recently. Going forward, Otto Marine is focused on the OSV chartering market in Indonesia, Australia, Mexico and Africa.

GET TO THE POINT : Oil Price has fallen but there still is still oil to be drilled. Thus there is still requirement for products and services in the oil and gas industry.

(Picture from Otto Marine Limited)

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