Otto Marine Limited, (“Otto Marine” or the “Group”), a leading offshore marine company which specialises in building complex offshore support vessels, ship chartering and offers specialised offshore services, announces that one of its operating unit Karp Marine Limited has secured vessel operating contracts worth US$15 million for three of the Group’s offshore service vessels.
These contracts also mark the entry for the Group in new markets like Middle East, West and South Africa with respect to operating vessels in these regions.
The contracts are for time charter for three of Otto Marine’s offshore service vessels. One vessel called “Oranda 1” is a 75 meters 4,200 bhp Work Maintenance vessel and will be deployed with Leighton Engineering in the Leighton Iraq Project. Singapore-based Leighton Offshore in October 2010 said that it has signed an EPC contract worth US$733 million with Iraq’s South Oil Company for a crude oil export facility project at Fao Terminal near Basra. The contract forms part of the Iraq Crude Oil Export Expansion Project (ICOEEP) which is developing offshore loading facilities to enable export capability of 4.5 million barrels of oil per day.
Another of Otto Marine’s vessel to be deployed is the “Seasafe Salvo”. It is a 61 meters 4,000 bhp Work Maintenance vessel and will be deployed in Cameroon with Perenco Rio Del Rey.
The third vessel for which the vessel operating contract has been secured is the “Seasafe Supporter”, which is an identical vessel to the “Seasafe Salvo”. This vessel will be deployed in South Africa with De Beers Marine (Pty) Limited. De Beers operates in more than 20 countries across six continents employing more than 16,000 people, and is the world’s largest diamond producer with mining operations across Botswana, Namibia, South Africa and Canada. De Beers Marine carries out deep-water mining on a contract basis.
[mappress] Source: Otto Marine, July 20, 2011; Image: Red Offshore;