Otto Marine sells multi purpose field and ROV support vessel for $50m

By Peni Pedriawan

SGX-listed offshore marine company Otto Marine Limited announced on Tuesday that its shipyard has, through its wholly-owned subsidiary, sold a multi-purpose Field Support and ROV Support vessel named Otto Explorer 3 to RY Offshore Limited for approximately US$50 million.

Upon completion of the sale, the RY Offshore will charter the vessel to the company?s subsidiary, Go Marine Group Pty Ltd, Otto Marine said in a filing.

The company has received the deposit of $1 million from the buyer for the transaction with the balance to be paid upon delivery of the Vessel to the buyer.

The vessel is being built at the company?s shipyard in Batam and will be handed over to the Buyer following the completion of final inspection.

Editing by Dadan Wijaksana