Otto Marine secures chartering contract worth S$96m

SINGAPORE - A wholly-owned subsidiary of offshore chartering group mainboard-listed Otto Marine, has been awarded a chartering contract worth up to A$94.8 million (S$96.1 million) .

The vessel under the charter will be a 100-tonne offshore support vessel, and will be used for infield support in the gas field of 40-year life in Australia.

The client is an international oil and gas exploration and production company, Otto Marine said in a statement on Wednesday (March 2).

The chartering contract is confirmed for 5 years from May 2017 with the option of an additional 5 year extension.

For the confirmed period of 5 years, the contract value is A$47.4 million and with the option, the total contract value is A$94.8 million, Otto Marine said.

jkoh@sph.com.sg