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The contract forms part of the Iraq Crude Oil Export Expansion Project (ICOEEP) which is developing offshore loading facilities to enable export capability of 4.5 million barrels of oil per day) (1). Another of Otto Marine’s vessel to be deployed is the “Seasafe Salvo”. It is a 61 meters 4,000 bhp Work Maintenance vessel and will be deployed in Cameroon with Perenco Rio Del Rey. The third vessel for which the vessel operating contract has been secured is the “Seasafe Supporter”, which is an identical vessel to the “Seasafe Salvo”. This vessel will be deployed in South Africa with De Beers Marine (Pty) Limited. (De Beers operates in more than 20 countries across six continents employing more than 16,000 people, and is the world’s largest diamond producer with mining operations across Botswana, Namibia, South Africa and Canada (2). De Beers Marine carries out deep-water mining on a contract basis.) “Our vessel, Oranda 1, recently completed contracts with Transocean and Hallin Marine. And now after the last job the vessel is being contracted with Leighton at the Leighton Iraq Project in the Middle East. We are pleased with the vessel operating contracts being secured for Oranda 1 and the two 61 meters work maintenance sister vessels. Leighton, Perenco Rio Del Rey and De Beers Marine are prominent names in the industry and it gives us great pleasure to be working with them. We look forward to the successful completion of these contracts.” Mr Lee Kok Wah, President cum Group Chief Executive Officer These operating vessel contracts are not expected to have a material effect on the net earnings per share or net tangible assets per share of the Group for the financial year ending 31 December 2011. About Otto Marine Limited (OTML.SP) Otto Marine Limited ("Otto Marine" or the "Company") is an offshore marine group engaged in specialised 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 specialised 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 ______________ 1. Information available at TradeArabia News, http://www.tradearabia.com/news/cons_187839.html 2. More information available at: http://www.debeersgroup.com Otto Marine press release |
Otto Marine enters new markets in Middle East, West and South Africa as it secures US$15 million worth of vessel operating contracts