Otto Marine secures $18.7m contract in Gulf of Mexico

Otto Marine said it has secured a time charter contract from a prominent Mexican offshore platform construction company for an initial value of US$14.9 million ($18.7 million), for a period of 450 days.

Oranda 1, the 4,200bhp work maintenance vessel, will be operated in the Gulf of Mexico by Otto Marine’s wholly-owned subsidiary, Global Workboats Private Limited.

The contract comes with an option to extend for another 12 months, bringing the potential value of the contract to US$20 million.