Otto Marine Wins Long Term PSV Charters

toisa solitaire
Toisa Solitaire PSV, file image via Go Marine Group

To the envy of many in the offshore supply vessel segment, Singapore-based Otto Marine Limited won long term charter contracts for two of their platform supply vessels (PSVs) to an undisclosed oil major in Australia.

The company says that under the contracts, two 4,000 ton deadweight PSVs will be mobilized to Australia in March 2015 for a firm period of three years with extension options.  The value of the contract is approximately $64 million.

Commenting on the charters, Mr. Michael See, Group Executive Director of Otto Marine commented:

With the over 50% plunge in oil prices, investors were cautious with the industry as a whole. While oil companies are cutting back on their capital expenditure budget, certain operational activities are still active as usual, hence there is still demand for supporting vessels from trusted business partners.

The new PSV charter contracts not just demonstrated our strong customer base and close relationships with leading global oil & gas companies, both NOCs and IOCs, but also the fact that our vessels and services are valued by our customers as we provide our utmost quality services to our customers.

We work towards building up a leading OSV charterer in Indonesia, Australia, Mexico, Africa and beyond, a position that offers the benefit of geographical diversification, and helps us stand relatively intact in an adverse market. We will also continue to do our utmost amid one of the most challenging period for the industry, deliver the best possible service to our customers, and further enhance their trust and loyalty.

Considering Otto Marine is primarily an owner/operator of anchor handling tugs and doesn’t appear to actually own any PSVs, it seems likely the company will tap their strategic partner in Australia, Go Marine Group, to supply the vessels.