Otto Marine: diving in off New Zealand
Otto wins Kiwi gig
Singapore's Otto Marine is primed to start a US$10m contract for the New Zealand government to carry out seismic survey work.
The deal was awarded by Crown Minerals, the arm of New Zealand’s Ministry of Economic Development that manages the nation’s oil, gas, mineral and coal reserves.
The work will be carried out by Otto majority owned subsidiary Reflect Geophysical using a chartered in seismic survey vessel, reported Upstream’s sister publication Tradewinds.
Reflect has chartered the 3,244-gt vessel Bergen Resolution (built 1983) from Norway’s Norfield Shipping for two years to carry out the work.
The 73-metre ship will initially acquire about 3 000 kilometres of two-dimensional seismic data in an area south-east of the Cook Strait, in the Pegasus basin.
After which, it will head out to acquire another 4000 kilometres of line seismic information in the Great South basin and Bounty Trough area.
Reflect is a start up company established in Singapore in 2008. Earlier this month Otto Marine agreed to take a 74% stake in the company for S$9m(US$6.5m).