Otto Marine Limited, (“Otto Marine” or the “Group”), a leading offshore marine company that specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, is pleased to announce that further to a long-term bareboat charter contract (the “Charter”) that was secured in June 2015, it has taken delivery of a 238-men Work Maintenance Vessel (the “Vessel”) to fulfill that Charter.
OTTO MARINE LIMITED (Company Registration Number 197902647M) (Incorporated with limited liability in the Republic of Singapore on 5 September 1979) Page 2 of 3 The delivery ceremony of the Vessel, Nautical Aliya, was held at a shipyard in China today. Nautical Aliya is the first unit of the DPS-2 Work Maintenance Vessel series completed. The second unit is currently under construction and will be completed by the end of this year.
The vessel measures 85 meters in length and 23 meters in width. It has a clear deck area of 635 m2 , and is equipped with a deck crane of 80-ton lifting capacity. It was built in a third party yard, and is on schedule for charter deployment in the South East Asia region. Swordfish 1 Pte Ltd, a wholly-owned subsidiary of the Group, has entered into the Long Term Bareboat Charter for five years in June 2015.
Commenting on the vessel delivery, Mr. Michael See, Group CEO said, “We are pleased to add the new vessel to our fleet. This is in line with our strategy to maintain a healthy quantity of our own vessels in the fleet, in view of the better profit margins they can generate.
We take a prudent approach in the current relatively weak market. Our strong customer network has continued to generate enquiries and charter contracts, and we plan our fleet accordingly. The close working relationship with shipbuilders has ensured on-time delivery of vessels, helped us fulfill our charter contracts, and enhanced Otto Marine’s credibility as a trusted business partner.
In 2Q2015, we added US$132.2 million new chartering contracts, bringing the total order book to US$307.2 million as at 30 June 2015. Fleet utilization rate has increased from 59.2% for 1Q2015 to 74.0% for 2Q2015, and our financial performance has shown encouraging improvement in 2Q2015. The new vessel addition, with its secured long term charter contract, is expected to contribute positively to the Group’s financial performance in 2015. ”