Otto Marine unit, Go Offshore, has entered into an agreement with a world-renowned port operator to become the latter’s preferred offshore and marine service provider.
Under the agreement, if the port operator requires marine or offshore vessel services for their projects, it will issue a formal request for quote to Go Offshore as preferred service provider.
According to Otto Marine, the port operator has extensive business scope including logistics support, local and interstate transport, and equipment supply.
Go Offshore has the right, but not the obligation, of first refusal to offer and provide such services using one or several of the vessels that it owns, manages or operates.
“As the oil prices continue touching new lows and recovery for the offshore and marine industry remains remote, we are exploring all feasible opportunities to optimise revenue stream,” says Michael See, Otto Marine’s group CEO.
Shares in Otto Marine ended 20% higher at 27 cents on Jan 20.
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Under the agreement, if the port operator requires marine or offshore vessel services for their projects, it will issue a formal request for quote to Go Offshore as preferred service provider.
According to Otto Marine, the port operator has extensive business scope including logistics support, local and interstate transport, and equipment supply.
Go Offshore has the right, but not the obligation, of first refusal to offer and provide such services using one or several of the vessels that it owns, manages or operates.
“As the oil prices continue touching new lows and recovery for the offshore and marine industry remains remote, we are exploring all feasible opportunities to optimise revenue stream,” says Michael See, Otto Marine’s group CEO.
Shares in Otto Marine ended 20% higher at 27 cents on Jan 20.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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