MARINE logistics company Marco Polo Marine has secured a renewal of its contract for OMS Endurance, an anchor handling tug vessel currently working in Australian waters.

Major charter contracts with existing clients were renewed or option exercised with a total estimated aggregate value in excess of US$15 million.

The company’s OMS Endurance vessel has been contracted for an additional three years with two sequential one year options and on a bare-boat basis from January 2015.

Included in the above renewals are the MP Premier (renewal) and MP Prelude (contract option exercised) working in Indonesia, both contracted to the same operator until the end of August 2015, pending contract finalisation.

The contract for the company’s MP Spectrum, a fast offshore utility crew boat was also renewed for two years from November 2014, currently plying in the Gulf of Thailand.

Marco Polo Marine’s recently acquired new-built maintenance and accommodation work boat vessel has secured a second long-term bare-boat charter contract in December 2014, expected to start in April 2015.

The maintenance and accommodation work boat vessel has an estimated total contract value of US$27 million and is contracted to work in Malaysian waters.

In a statement the company said the contracts represent diversification of the group’s offshore supply vessel fleet with an additional maintenance and accommodation work vessel and enhanced presence in Malaysia as well as penetration to a new market.

Marco Polo Marine’s chief executive Sean Lee Yun Feng said “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.”

“This is representative of 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,” he said.