Otto Marine in S$36.5 million charter contract

SINGAPORE - Swordfish 1, the wholly-owned subsidiary of Otto Marine Limited, has entered into a long-term bareboat charter contract US$27 million (S$36.5 million) with an offshore operator in Southeast Asia.

The contract is for the provision of a 238-men work maintenance vessel which is expected to be delivered in the third quarter, the company said in a release Thursday.

The contract will have a positive contribution to earnings and net tangible assets for the financial year ending Dec 31, 2015.