Otto Marine clinches US$11.3 million charter contract for Go Emerald

Go Emerald to be deployed to Western Australia on long term charter

Singapore, 12 February 2014

Otto Marine Limited, (“Otto Marine” or the “Group”), a leading offshore marine company which owns a nd operates a large fleet of offshore support vessels, shipyard and offers specialized offshore services, is pleased to announce that the Group has secured a charter contract amounting to US$11.3 million for its vessel, Go Emerald.

Go Emerald will be deployed for work on long term charter in West Australian waters for a renowned oil and gas player. Built in 2009, Go Emerald is a 2,800 bhp Anchor Handling Tug vessel with 423.6 deadweight tonnage and 36.5 tons bollard pull.


Image by Otto Marine

“The global offshore oil and gas industry is thriving, and we are pleased to see that Otto Marine is partaking in this positivity with a good charter contract momentum from around the world. With encouraging rig orders and more focus on deepwater exploration, the Group has begun to implement plans to expand our fleet to take advantage of this trend. Our objective is to build a young fleet to cater to our clients’ needs, which will include a comprehensive selection of vessel types across various tonnages.”

Mr. Garrick Stanley, Chief Executive Officer

About Otto Marine Limited (OTML.SP)
Otto Marine Limited ("Otto Marine" or the "Company") is an offshore marine group which owns and operates a large fleet of offshore support vessels and is engaged in specialized shipbuilding of offshore vessels for primarily Deep Sea applications. The shipbuilding includes ship repair and conversion.

Headquartered in Singapore, the Company owns/leases and operates 64 offshore vessels and one of the largest shipyards in Batam, Indonesia - one of the most sophisticated yards in Asia Pacific. The yard is building to ABS, 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 operating a large offshore fleet and through its shipyard constructing high specification deep sea and offshore support vessels. This quality and level of sophistication has enabled the Company - as one of the few in Asia - to gain recognition as a Marine Services company operating a large deepwater fleet of support vessels with its shipyard focusing on its fabrication, ship repair and building for local content requirements of its clients.

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

Otto Marine press release