Otto Marine

Otto Marine: Secures 5 yr bareboat chartering contract for value of US$36.5m with option to extend current contract for 2 more yrs for total of $52.4m if option is used. The vessel is a 3000 DWT multi-purpose field support vessel. This follows Otto’s announcement on winning a US$14.9m contract in the Gulf of Mexico on 19 Mar. Co has been loss making for the prev 3 quarters attributed to a dearth of shipbuilding and ship repair contracts.