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Image courtesy of Nam Cheong.

A joint venture between Singapore-based companies Marco Polo Marine and Nam Cheong landed a $27 million bareboat charter contract with an unnamed party.

The contract is a long-term, five year contract.

The current contract value does not include the two two-year extension options that are part of the deal.

If the options are exercised, the contract will be worth $50 million.

Under a bareboat charter contract, the charterer is responsible for operating and maintaining the vessel and for all expenses, including the costs of maintaining its own on board crew.

The companies formed a joint venture following the sale of Marco Polo Marine’s 50 percent stake in Marco Polo Offshore to Nam Cheong on Tuesday.

The joint venture recently purchased a new Accommodation Work Vessel built by Nam Cheong.

Nam Cheong currently has a fleet of 14 vessels comprised of nine safety and standby vessels, two anchor handling towing supply vessels, two landing crafts and one accommodation workboat vessel.

Marco Polo is an integrated marine logistics group.