Marco Polo Marine scores multiple multi-year contracts

Singapore Exchange Mainboard-listed Marco Polo Marine has updated its list of multiple multi-year contracts
Marco Polo Marine scores multiple multi-year contracts

Marco Polo Marine has announced it has secured over $46 million in charter contracts, including all new signings, extensions and option exercises since November 2014.

Last year the company scored a long-term bareboat charter contract with a newly-acquired maintenance and accommodation work boat vessel. The new build is expected to start in April 2015 working in Malaysian waters. The contract is worth $27 million.

Marco Polo’s latest AHTS addition, MP Prowess secured a maiden one-year bareboat contract worth $4 million, which also represented a successful break in the Vietnamese market.

Other major contracts with existing clients have either been renewed or options exercised to a total of $15 million. This includes both the MP Prelude, which is deployed in Indonesia until the end of August 2015. The OMS Endurance, which is working in Australian waters, has had its contract renewed for three years with a further two sequential one-year options and on a bareboat basis from January 2015. And the contract for the MP Spectrum, a offshore utility crew boat deployed in the Gulf of Thailand has also had its contract renewed for two years from November 2014.

CEO of Marco Polo, Sean Lee Yun Feng said: “It is gratifying to note our integrated strategy, with focus on regional waters as well as OSVs plying in relatively shallow waters is demonstrating signs of resilience in current market conditions. Amidst the recent, somewhat relentless decline in oil prices we are heartened that we are able to compete effectively by securing new contracts as well as renew existing ones.

“[So] despite the precipitous slide in prices, there are still on-going and new projects being undertaken in both exploration as well as development work in south-east Asian waters including Australia.

"These awards that we had secured are relatively long duration and stable contracts in nature. With these positive tail-winds we usher in 2015 with strong confidence to undergo and eventually overcome the challenges in these tumultuous times ahed through continual rigour and hard work.”

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by Laura Stackhouse

readmt.com Editor

Laura Stackhouse is the Web Editor of readmt.com, an official publication of the International Marine Purchasing Association (IMPA). To discuss news, features or contributing to readmt.com please get in touch.

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