OTTO MARINE LTD (Company Registration Number 197902647M)
(Incorporated with limited liability in the Republic of Singapore on 5 September 1979)
MEDIA RELEASE - FOR IMMEDIATE RELEASE Otto Marine Takes Delivery of New 238-Men DP2 Work Maintenance Vessel To Fulfill Its Newly Secured 5-Year Charter Contract A DP2 238-men work maintenance vessel, built by a third party yard, has been delivered to the Group on schedule
A long-term charter contract was sealed in June 2015, while the vessel was still under construction
A testament of the Group's strong offshore chartering capability supported by prudent fleet planning and execution
Singapore, 20 August 2015 - Otto Marine Limited, ("Otto Marine" or the "Group"), a leading offshore marine company that specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, is pleased to announce that further to a long-term bareboat charter contract (the "Charter") that was secured in June
2015, it has taken delivery of a 238-men Work Maintenance Vessel (the "Vessel") to fulfill
that Charter.
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The delivery ceremony of the Vessel, Nautical Aliya, was held at a shipyard in China today. Nautical Aliya is the first unit of the DPS-2 Work Maintenance Vessel series completed. The second unit is currently under construction and will be completed by the end of this year.
The vessel measures 85 meters in length and 23 meters in width. It has a clear deck area of
635 m2, and is equipped with a deck crane of 80-ton lifting capacity. It was built in a third party yard, and is on schedule for charter deployment in the South East Asia region.
Swordfish 1 Pte Ltd, a wholly-owned subsidiary of the Group, has entered into the Long
Term Bareboat Charter for five years in June 2015.
Commenting on the vessel delivery, Mr. Michael See, Group CEO said,
"We are pleased to add the new vessel to our fleet. This is in line with our strategy to maintain a healthy quantity of our own vessels in the fleet, in view of the better profit margins they can generate. We take a prudent approach in the current relatively weak market. Our strong customer network has continued to generate enquiries and charter contracts, and we plan our fleet accordingly. The close working relationship with shipbuilders has ensured on-time delivery of vessels, helped us fulfill our charter contracts, and enhanced Otto Marine's credibility as a trusted business partner. In 2Q2015, we added US$132.2 million new chartering contracts, bringing the total order book to US$307.2 million as at 30 June 2015. Fleet utilization rate has increased from 59.2% for 1Q2015 to 74.0% for 2Q2015, and our financial performance has shown encouraging improvement in 2Q2015. The new vessel addition, with its secured long term charter contract, is expected to contribute positively to the Group's financial performance in 2015. "---- The End ----
About Otto Marine Limited (OTML.SP)
Otto Marine Limited ("Otto Marine" or the "Company") is an offshore marine group that owns and operates a large fleet of offshore support vessels and is engaged in specialized shipbuilding of larger offshore vessels which can also support deep water application, repair and conversion, and fabrication.
Headquartered in Singapore, the Company owns/leases and operates approximately 55 offshore vessels globally (as of 30 June 2015).
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It owns one of the largest shipyards in Batam, Indonesia - one of the most sophisticated yards in Asia Pacific. The yard is building to ABS, DNV and Norwegian class standards. Its customers are primarily deep sea and offshore operators and equipment companies who provide logistics support and offshore services to companies operating in the oil and gas industry globally.
Otto Marine's specialized approach has allowed it to build up its expertise operating a large offshore fleet and through its shipyard constructing high specification deep sea and offshore support vessels. This quality and level of sophistication has enabled the Company - as one of the few in Asia - to gain recognition as a Marine Services company operating a large deepwater fleet of support vessels, with its shipyard focusing on its fabrication, ship repair and building for local content requirements of its clients.
Otto Marine was successfully listed on the Main Board of Singapore Exchange Securities Trading Limited (the "SGX-ST") on 28 November 2008. For more information, please visit the Company's website at http://www.ottomarine.com
Issued for and on behalf of Otto Marine Limited
For more information please contact:
Financial PR Pte Ltd Otto Marine Limited
Romil SINGH / Reyna MEI/ Kathy ZHANG Michael SEE
Email : romil@financialpr.com.sgEmail: michaelsee@ottomarine.com
: reyna@financiapr.com.sg
Tel: (65) 6438 2990 Tel: (65) 6863 2366
Fax: (65) 6438 0064
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