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Singapore : Otto Marine secures US$14.9million contract, with option to extend
Publish Date : 20-Mar-2012
Otto Marine Limited on Monday said it has secured a time charter contract from a prominent Mexican offshore platform construction company for an initial value of US$14.9 million, for a period of 450 days.
The contract comes with an option to extend for another 12 months, bringing the potential value of the contract to US$20 million.
Oranda 1, the 4,200bhp work maintenance vessel, marks the group\'s entry in Mexican waters. It will be operated by Otto Marine\'s wholly-owned subsidiary, Global Workboats Private Limited.
The contract is expected to contribute positively to the group\'s FY2012 earnings.
