• 2013 July 29 10:08

  Otto Marine ’s shipyard sells 2 vessels for US$170 million

  

  The Board of Directors of Otto Marine Limited announces that its shipyard has, through one of the company’s wholly-owned subsidiaries, sold 2 Anchor Handling Tug Supply vessels, to a renowned unrelated third party for an aggregate consideration of US$170 million, said in the company's press release.

  On or around the completion of the sale of the vessels, the vessels would be chartered by the buyer to one of the company’s wholly-owned subsidiaries, Otto Fleet Pte. Ltd. , for a period of 8 years. The vessels would in turn be hired by one of the company’s subsidiaries, GO Offshore (Asia) Pte. Ltd., on a time-charter of 2 years from Otto Fleet.

  The vessels are currently under construction at the company’s shipyard in Batam, Indonesia. The Vessels will be handed over to the buyer following the completion of legal documentation and a final inspection.

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