Otto Marine’s subsidiary GO Offshore has entered into an agreement with a company that Otto described as a “world-renowned port operator”.
Under the contract, GO Offshore will become the preferred provider for marine or offshore vessel services for the port operator’s worldwide projects.
Otto Marine said that it had a multi-front partnership with this port operator and that this agreement created a potential to further lift the utilization of the company’s fleet and the revenue.
According to Otto Marine, the agreement states that if the port operator requires marine or offshore vessel services for their projects, it will issue a formal request for quote to GO Offshore as preferred service provider. GO Offshore has the right, but not the obligation, of first refusal to offer and provide such services using one or several of the vessels that it owns, manages or operates.
Commenting on the Agreement, Michael See, Group CEO said: “As the oil prices continue touching new lows and recovery for the offshore and marine industry remains remote, we are exploring all feasible opportunities to optimize revenue stream.
“Further to our announcement earlier on the partnership with a renowned port operator to explore the potential development of a fabrication & marine facility, we are pleased to see that GO Offshore becomes this partner’s preferred offshore and marine service provider.”
To remind, Otto recently entered into an agreement with a port operator to explore the potential development of a fabrication and marine facility in Batam, Indonesia.