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With “REDFISH 3” on the way to Africa and including it, Otto Marine now has a total of 5 offshore support vessels deployed in the Africa water. Other 4 vessels already deployed include two 61 meters utility vessels, one 75 meters MV and one 7200 bhp AHTS. Chief Financial Officer of Otto Marine, Mr Michael See, commented that “We have been active in pursuing on chartering opportunities in the Africa side. In total, we have five offshore vessels supporting works in the Africa water. That region remains strong in terms of activity levels and we will continue to keep a keen eye that side. This year, we have been diversifying to more geographical locations and strengthening our position in the existing ones, particularly when it comes to deployment of vessels. We will continue on this strategy as we move towards owning a growing fleet of quality vessels.” Managing Director of Global Workboats Capt Mike Kelly commented, “Global Workboats is mobilising the brand new 8000 bhp AHTS Redfish 3 to West Africa to support its growing list of blue chip clients out there. We have achieved penetration into the West Africa market with our quality operation model focusing on the specific needs of high end clients. Our focused to supply marine solutions for our clients in West Africa is proving successful and I envisage more vessels proceeding to Africa in the very near future.” About Otto Marine Limited (OTML.SP) Otto Marine Limited ("Otto Marine" or the "Company") is an offshore marine group engaged in specialized shipbuilding of offshore vessels for primarily Deep Sea applications. The shipbuilding includes ship repair and conversion. In addition, Otto Marine is chartering out its own fleet of sophisticated and environmentally friendly (clean/comfort class) Anchor Handling Tugs and Offshore Supply vessels for mainly Deep Sea applications. In continuation of its expansion strategy, Otto Marine is the majority shareholder in the seismic operator, Reflect Geophysical. Headquartered in Singapore, the Company owns and operates one of the largest shipyards in Batam, Indonesia - one of the most sophisticated yards in Asia Pacific. The yard is building to 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 globally in the oil and gas industry. Otto Marine’s specialized approach has allowed it to build up its expertise in constructing high specification deep sea and offshore support vessels, improve its production quality and efficiency and develop a competitive cost structure. This quality and level of sophistication has enabled the Company - as one of the few in Asia - to gain recognition in the construction of complex and sophisticated deep sea and offshore vessels. 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 The initial public offering of the Company was sponsored by United Overseas Bank Limited and Credit Suisse (Singapore) Limited (the ‘Issue Managers’). The Issue Managers assume no responsibility for the contents of this announcement. Otto Marine press release |
Otto Marine deploys another offshore support vessel in Africa