Singapore’s Otto Marine has bagged a OSV chartering contract worth up to AUD94.8m ($68.5m) from an international oil and gas E&P firm.

The charter, inked by Otto Marine’s wholly-owned Go Offshore, is for a 100-tonnes bollard pull OSV for FPSO infield support in the gas field of 40-year life in Australia.

The chartering contract is confirmed for five years from May 2017 with the option of an additional five-year extension. The contract value for the firm five years is AUD47.4m and with the option the total contract value is AUD94.8m.

Michael See, group ceo of Otto Marine, said: “We will continue to enhance the reputation and generate business through advanced planning, which will help us fulfil our charter contracts, maintain our utilisation rates, thus improve the efficiency in our operations.”