Shares of Singapore's Otto Marine  rose as much as 4.1% on Wednesday after the offshore marine firm said it won a North Sea ship chartering contract worth $36.5 million over five years.

Otto Marine shares were up 2.7% at $0.15 on volume of 6.3 million shares - 1.6 times the average full-day volume traded in the last 30 days.

An option to extend the contract for two more years could raise the total value of the deal to around $52.4 million ($66.1 million), Otto Marine said in a statement.

The contract was awarded by SeaHold GEOSHIPS, a UK-based shipping company supporting offshore oil and gas and renewable energy projects.