Otto Marine to Hold Naming Ceremony for ‘Norshore Atlantic’

Otto Marine Limited, an offshore marine company is set to hold a vessel naming ceremony for ‘Norshore Atlantic’ at its Batam Shipyard, Indonesia, on 28 February 2014.

The Norshore Atlantic is the first of its kind to be successfully constructed by an Asian yard. It is an efficient and environmental friendly multi-purpose drilling vessel built to the MT6022XL Norwegian design. The highly complex vessel classed by DNV is equipped with dynamic positioning 3 (‘DP3’) capability, and is primarily designed for riserless operation utilizing known and field proven technology. Norshore Atlantic is equipped to perform riserless drilling operations, plugging and abandonment of old wells, well completion work, well intervention and subsea construction work. It has an ROV system installed onboard, and is equipped with a 150T AHC, offshore cranes, and a drilling derrick.

The Norshore Atlantic is suitable for work in both shallow and deep water, ranging from 70 to 3000 meters.

For its maiden project, the Norshore Atlantic is contracted in Asian waters. Subsequently, it will be engaged by an oil major on a three year program and is expected to work globally. Going forward, the Group’s shipyard will support the growth of our chartering operations by constructing sophisticated offshore support vessels to join the Otto Marine fleet.

In addition, the Batam yard will also leverage on opportunities to construct newbuild vessels for the Indonesian cabotage market, at the same time expanding its ship repairs, conversion and fabrication business.

“The completion of the Norshore Atlantic is a significant milestone for Otto Marine, and for the offshore support vessel industry in the Asia Pacific region. Through Norshore Atlantic and the recently delivered Go Phoenix, we have demonstrated that our yard is capable of constructing ultra-large, highly sophisticated vessels.

The learning curve in the construction of these complex vessels shall be put to good use as the Group embarks on an expansion plan for our chartering services. Our enhanced technical capability will also serve us well in securing third party contracts to construct offshore support vessels, particularly for the buoyant cabotage Indonesian market,” said Mr. Garrick Stanley, Chief Executive Officer.

Otto Marine, February 27, 2014

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