Otto Marine to sell vessel for $95m, dispose vessel for $25m

By Ruli Setiawan

Singapore?s shipbuilder Otto Marine Limited announced on Friday that its wholly owned subsidiary Deep Sea 1 Pte. Ltd. (DS1PL) has entered into a Memorandum of Agreement (MoA) to sell a vessel known as DEEP SEA 1 to PT GO Marine International (GMI), for US$95 million.

Otto has a 49 perent stake in GMI.

Otto said the vessel was built in its own shipyard in Batam

?The sale of the vessel will reduce its inventory on hand and is part of the ordinary course of business of the shipyard business,? the firm said in as statement.

Otto also said its subsidiary, Go Rigel Private Limited, has signed an MOA to dispose off one of its vessel known as GO RIGEL to GMI for a sum of US$25.0 million.

The vessel is an Anchor Handling Tug and Support vessel.

Editing by Johannes Simbolon