Otto Marine: Healthy order book in 1H2014

Otto Marine Limited, an offshore marine company which owns and operates a large fleet of offshore support vessels, shipyard and offers specialized offshore services, has announced that the Group has secured charter contracts worth approximately US$404 million in the first half of 2014 (“1H2014”).

With global offshore support vessels (OSVs) footprint across Africa, Asia, Australia, India, the U.S., the Gulf of Mexico and the North Sea, Otto Marine takes advantage of its strong complementary shipyard to achieve economies of scale, supporting its very own fleet renewal, expansion and upgrading program to ride on the increasing demand for OSVs. Backed by strong long-term relationships with leading Oil and Gas companies, Otto Marine enjoys a healthy order book that stood at approximately US$450 million as at 30 June 2014, with an average contract tenor of 3 to 5 years.

Ultimately, the booming E&P activities, along with the rising OSV demand will enhance the supply-demand dynamics, which is expected to drive up the charter rates. Moving forward, Otto Marine’s primary focus will be placed upon capitalizing on its high growth in markets such as North Sea, Africa and Australasia as well as penetrating into cabotage-protected areas to increase its presence in high-potential regions in Malaysia and Indonesia via key partnership with the GO Marine Group.

“The oil and gas sector outlook remains healthy and continue to spur on demand for our offshore support vessels. We believe that vessel chartering services will continue to witness robust demand and as such, our main focus will be placed upon our vessel expansion, upgrades and fleet renewal program to enhance our fleet capabilities in order to meet the needs of our clients and to access different markets,” says Garrick Stanley, Chief Executive Officer.

 

Press Release, July 14, 2014; Image: Otto Marine

 

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply