SINGAPORE - Otto Marine said on Thursday (Jan 21) that its wholly owned unit Go Offshore has entered into an agreement with a "world-renowned" port operator to become its preferred provider for marine or offshore vessel services for its worldwide projects.

The deal is part of the company's efforts to expand its business network and add to its resilience in an extraordinarily weak oil market said group CEO Michael See in a filing to the Singapore Exchange.

Under the agreement, if the port operator requires marine or offshore vessel services for their projects, it will issue a formal request for quote to Go Offshore, which will have the right, but not the obligation, of first refusal.

Commenting on the deal, Mr See said: "As oil prices continue touching new lows and recovery for the offshore and marine industry remains remote, we are exploring all feasible opportunities to optimise revenue stream."

"The partner has extensive business scope including logistics support, local and interstate transport, and equipment supply, which would offer significant business opportunities for Go Offshore, and enhance the utilisation rate of our fleets and capabilities."