Otto Marine  has secured a ship chartering contract for 180 days, with option to extend for 3 months + 3 years for its newly-built 75-meters work maintenance vessel.

The contract is expected to generate about US$7.6 million for the minimum scheduled period of the charter and up to US$57.3 million if options are included.

The vessel to be chartered is a 4,200-bhp work maintenance vessel christened “SOC Endeavour”.

It measures 75 x 24 meters, is ABS-classified and will be deployed for general maintenance works in Kuwaiti, UAE and offshore Iraqi waters.

Deputy president Au Chin Leng said that Otto intends to expand its chartering segment.

Announcement dated 12 April 2013

" Notwithstanding Reflect’s judicial management application, the Company wishes to confirm that it is able to continue as a going concern due to the following reasons:

(a) the Company is not dependent on Reflect for any cashflow to sustain its operations, payment of its debts or for any other purposes and

(b) the Company's other main business segments are not intertwined with Reflect's business of provision of seismic and geophysical services to its customers."

Veteran Bopanha, any comments ......

Based on Veteran KelvinLim123 said " This one is improving, management overhaul, and an expert formally from Keppel Philipine join them, and they are beginning to see orders coming in.

I believe this guy move over to otto, bring along it former customers as well.  expect more orders to follow, propsect can only get brighter. "

Otto has changed its outfits and putting on the engine, Ready to GO ...