Otto Marine announces $404m in new contracts

Singapore: Offshore shipbuilder and vessel owner Otto Marine Limited says that the group has secured charter contracts worth close to $404m in the first half of 2014.
 
In a statement to the Singapore Exchange, Otto Marine said that it "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.”
 
Otto didn’t provide details of the contracts, but did say that going forward 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 Malaysia and Indonesia via key partnership with the GO Marine Group. 
 
Garrick Stanley, ceo of Otto Marine, commented, "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.” [15/07/14] 

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