Otto Marine signs US$170m deal
Monday, July 29 2013 - 02:43 AM WIB
SGX-listed Otto Marine Limited, which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, announced that it has entered into a sale and leaseback deal with a renowned unrelated third party for two units of the large Anchor Handling Tug Supply Vessels for US$85 million each.
The VS491 21,000bhp vessels are currently being constructed at Otto Marine?s yard in Batam, and are scheduled for completion in August and October 2013 respectively. Both vessels will be chartered by the Group for a period of 8 years, the company said in a press statement on Monday.
DNV classed and Norwegian-designed, the VS491 21,000bhp AHTS are hybrid propulsion diesel electric driven vessels with dynamic positioning 2 (DP2) technology. 91.5 meters in length and 22.5 meters wide, the vessels have a bollard pull of 240 to 260 tons. These vessels can operate and handle large rigs in the ultra-deepwater region including the harshest environments of the North Sea region.
?The Group is pleased to have arranged the sale and leaseback of two of its Ultra Large AHTS at US$85 million each which is supported by a few renowned independent valuers. Together with our current Rights Issue, this arrangement will contribute significantly towards improving the Group cash flow, reduce bank loans and improve its gearing ratio, thus strengthen its balance sheet,? the company said.
Editing by Benget Besalicto ST