Otto will sell the offshore vessel to RY Offshore, which will in turn charter the vessel to Otto's subsidiary Go Marine.
The DP2 hybrid diesel-electric driven vessel is built at Otto's shipyard in Batam, Indonesia. The vessel will be handed over to RY Offshore upon completion of legal documentation and a final inspection, according to Otto.
Yaw Chee Siew, Otto's chairman and group ceo, owns a 29% interest in the issued and paid-up share capital of RY Offshore, with the remainder held by unrelated third parties.
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