OTTO MARINE said it has secured a long term bareboat charter contract worth US$26 million just four months after securing a charter for a similar vessel.

The second charter is for a 238-men, DP2 Work Maintenance Vessel that measures 85 meters in length and 23 meters in width. It has a clear deck area of 635 sq m , and is equipped with a deck crane of 80-ton lifting capacity.

The vessel is currently being built at a third-party yard, and is expected to be delivered by the end of 2015.

The vessel will be deployed in the Asia Pacific region.

The first unit of the 238-men, DP2 Work Maintenance Vessel was chartered out in the South East Asia region in August 2015. 

200 michael see“This is in line with our strategy to maintain a healthy quantity of our own vessels in the fleet, in view of the better margins they can generate. Our strategy to upgrade and renew our fleet and increase the number of younger vessels has also gradually enhanced our business fundamentals." -- Michael See (photo), CEO, Otto Marine

The  two vessels are expected to contribute positively to the Group’s financial performance in 2016 and the next few years, said Michael See, Group CEO.

"We have adopted a prudent and pragmatic approach in our chartering business amid the continually weak operating environment. With our tenacious effort in optimizing the deployment of our fleet, utilization rate has improved progressively.

"We achieved fleet utilization of approximately 82% for 3rd quarter FY2015 and year to date fleet utilization of approximately 77%."

Otto Marine is a leading offshore chartering group, which owns and operates more than 50 offshore support vessels globally, and also engaged in specialized shipbuilding, repair and conversion of offshore support vessels.

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