Upon completion of the sale, RY Offshore will charter the vessel to Otto Marine's subsidiary Go Marine Group.
RY Offshore is 29% owned by Yaw Chee Siew, chairman and group ceo of Otto Marine, while the remaining shares of the company are held by unrelated third parties.
The offshore vessel is being built at Otto Marine's shipyard in Batam, Indonesia, and will be handed over to the buyer following the completion of final inspection.
“The company has received the deposit of $1m from the buyer for the transaction with the balance to be paid upon delivery of the vessel to the buyer,” Singapore-listed Otto Marine said on Tuesday.
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