Otto Marine sells newbuild PSV to Mermaid Maritime Australia

Within days of selling two newbuild anchor handlers, Singapore-listed Otto Marine Limited has entered into a contract that will see the sale to Mermaid Marine Australia Ltd (MMA) of a newbuild 75 m DP II Platform Supply Vessel of MT 6009 MKII diesel electric design. The purchase price is $31.5 million and Mermaid Marine will take delivery of the vessel at Otto Marine's shipyard next month.

Mermaid Marine Australia says that the PSV will be chartered to Allseas to support the Gorgon Jansz Pipelay Project, commencing fourth quarter 2011. The Allseas charter will run for approximately 12 months and involve general supply duties associated with the Project. Mermaid Marine was also awarded a contract with Allseas for the provision of supply base services to support the Gorgon Jansz Pipelay Project. The contract is for the full range of supply base services to be provided out of the Mermaid Dampier Supply Base, including stevedoring, storage, loadout and fuel and water supply and is expected to continue for approximately three years.

April 5, 2011