UK: SeaHold Signs Charter Contract with Otto Marine for MPSV

Otto Marine Limited, a leading offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, announces that it has secured a bareboat charter contract from SeaHold GEOSHIPS LIMITED (A UK based. ISO 9001 certified Marine and Subsea services shipping company supporting offshore oil and gas and renewable energy projects) for an initial value of US$ 36.5 million over 5 years, with an option to extend the current contract for 2 more years, bringing the potential value of the contract to approximately US$ 52.4 million.

MT 6009, DNV classified Multi Purpose Field Support Vessel “Loch Roag”, will be the Group’s first ever vessel to operate in the North Sea to support the Oil and Gas and Offshore Renewable markets. SeaHold GEOSHIPS Limited intends to use the ROV support vessel for Inspection, Repair and Maintenance Activities.

The vessel measures 80 metres and has a deck space of approximately 510 square metres and the dead weight is 3000 DWT. The vessel completed retro fitting works at Otto Marine’s Batam shipyard and was delivered to SeaHold GEOSHIPS Limited, in March 2012.

Deputy President of Otto Marine, Mr Aw Chin Long, commented, “We are pleased that Loch Roag is being well received in the oil and gas offshore market and proud to be a trusted partner in this sizeable contract. This award is recognition of our ongoing efforts to solidify our status as a global supplier of OSVs. We are confident that Loch Roag will be able to serve SeaHold GEOSHIPS and its clients well.”

The contract is expected to have marginal contribution to the Group’s FY2012 earnings.

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Offshore WIND  Staff, March 21, 2012; Image:  Otto Marine