Otto Marine disposed two vessels for USD30 million
Otto Marine Limited announces that charterers, Go Marine Services (M) Sdn Bhd through the assignment of the original contract to its wholly owned subsidiary, Workboats 1 Limited, executed its purchase obligation for the two vessels for an aggregate sum of USD30 million. The Group’s wholly owned subsidiary, Koi Marine Limited was the other party to the contract with the Charterers. Workboats 1 Limited is a company incorporated in Labuan. The Vessels are two 61m Work Maintenance Vessels are called “SEASAFE SALVO” and “SEASAFE SUPPORTER”. The purchase obligation price of the vessels paid by the purchaser was USD30.0 million, the company said in its press release.
As announced on 30 September 2013, the vessels were chartered by Koi to the charterers with a purchase obligation at the end of the charter period. As a result, the vessels had already been physically delivered to the buyers subject to the execution of the purchase obligation and receipt of Purchase Consideration by Koi. The execution of the purchase obligation has been completed.