Otto Marine Sells AHTS for $100 mi

 

Otto Marine Limited sold an Anchor Handling Tug Supply Vessel to a renowned unrelated third party for US$100 million.

DNV classed and Norwegian-designed, the VS491 21,000 bhp AHTS is a hybrid propulsion diesel electric driven vessel with dynamic positioning 2 (DP2) technology. It measures 91.5m in length and 22.5m wide and has a bollard pull of 240 to 260 tonnes. The Vessel can also operate and handle large rigs in the ultra-deepwater region including the harshest environments of the North Sea region.

This AHTS is the 4th and final of the VS491 series the Group has built in this batch. It is currently under construction at Otto Marine’s shipyard in Batam, Indonesia, and is expected to be completed in 2Q2015.

GO Offshore (L) Private Limited, a subsidiary of the Group, will charter the vessel for 8 years upon the completion of the vessel.

The US$100 million transaction is expected to have a positive contribution to the consolidated net tangible assets per share and earnings per share of the Group for the financial year ending 31 December 2014.

Commenting on the sale of Vessel, Michael See, Group Executive Director said, “While the OSV market turned increasingly competitive given the recent regional developments and the instability of oil prices, the sale of the AHTS vessel and recent delivery of a subsea IMR vessel, once again, demonstrated our shipyard capability in shipbuilding and conversion of larger and complex OSVs, as well as our reputation among customers. The Group has continued to fortify our position as a leading OSV charterer in Indonesia, Australia, Mexico, Africa and expanding, while shipyard continue to remain as an integral part of its main offshore chartering business. The shipyard has been constantly securing repairs and fabrication jobs and generated a stable income stream, and thus strengthening the overall financial position of the Group.”