Otto Marine: Charter Contract for PSV Sea Frost

Otto Marine Limited, an offshore marine company, has confirmed time charter contract for Platform Supply Vessel (“PSV”) – Sea Frost, for approximately US$8.0 million.

Under the contract, which has recently commenced, Sea Frost has been contracted to support the Atwood Eagle rig located in Australia for a period of 152 days. The client, a renowned oil and gas exploration and production company, has the option of extending the contract for an additional two terms based on the same terms and conditions.

Completed in 2013, Sea Frost is the latest addition to the Group’s fleet, held under subsidiary Go Marine Group Pty Ltd. Measuring 88.8 meters in length, Sea Frost is an 8,600 bhp PSV with 1,025 square meters of deck space. It is DNV classed and equipped with dynamic positioning 2 (DP2) technology.

Mr. Garrick Stanley, Chief Executive Officer on this occasion said: “Ship operating and chartering has been a very important aspect of Otto Marine’s business and will continue to be our main focus going forward. Sea Frost is a part of our efforts to grow and expand our fleet to comprise of a diverse and comprehensive range of vessels with different tonnages. Improving the fleet profile and maintaining a young fleet will be a continual process in the execution of our strategy to be one of Asia Pacific’s leading offshore support vessel charterer.” 

Otto Marine, February 6, 2014

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