Singapore: Otto Marine Ltd Secures Newbuild Orders for Two of 12.000bhp AHTS Vessels

Otto Marine Limited, a leading offshore marine company which specialises in building complex offshore support vessels, ship chartering and offers specialised offshore services, is pleased to announce that it has secured newbuild orders for two units of 12,000bhp AHTS worth US$38.5 million each from Go Marine Group Pty Ltd (“Go Marine”) (Otto Marine holds 19.0% equity interest in Go Marine). These two units are expected to be delivered in 3Q2012 and 1Q2013 respectively.

The 12,000bhp AHTS vessels, 78.2m x 18.5m, are well-equipped with the latest technology and equipment, and its powerful engines are capable of delivering 150T bollard pull.

Go Marine has also procured one 8,000bhp AHTS vessel identified as “GO Rigel” from Otto Marine for a consideration of US$24.0 million, as announced by the Group on 8th September 2011. It is a dynamically positioned class 2 AHTS well-equipped with Niigata engine that is capable of delivering 120T bollard pull. The vessel will be handed over today during the naming ceremony held at Keppel Plaza Berth at Keppel Bay Marina, afterwhich it will be deployed to the Bass Strait in Australia for a contract supporting the Origin Yolla Field Development.

These two new orders are placed almost immediately by Go Marine after their first purchase of the 8,000bhp AHTS. These orders placed demonstrate the positive synergies we can harness from association with GO Marine. Go Marine operates over 20 offshore support vessels currently. This 8,000bhp vessel will be the first vessel that Go Marine has acquired from Otto. I believe we are well-positioned to benefit from the robust growth opportunities available in the growing oil & gas market in Australia” said Mr Lee Kok Wah, President cum Group Chief Executive Officer.

Source: ottomarine, September 9, 2011;

 

Posted on September 9, 2011