Otto Marine Makes AHTS Sale, Re-charter Deal

Singapore's Otto Marine Ltd. has sold through one of its wholly-owned subsidiaries, whose shipyard is located in Indonesia, the 2 Anchor Handling Towage & Supply Vessels (AHTS) to a third party buyer for re-chartering.

The aggregrate price of the two AHTS was US$ 170-million.

On or around the completion of the sale of the vessels, they would be chartered by the buyer to one of the company’s wholly-owned subsidiaries, Otto Fleet Pte. Ltd. (“Otto Fleet”), for a period of 8 years. The Vessels would in turn be hired by one of the Company’s subsidiaries, GO Offshore (Asia) Pte. Ltd., on a time-charter of 2 years from Otto Fleet.

The newbuildings are currently under construction at the company’s shipyard in Batam, Indonesia.

The AHTS vessels will be handed over to the buyer following the completion of legal documentation and a final inspection. The transactions were arranged by North Cape Pte. Ltd.