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Otto Marine sells three offshore vessels for $37.5m

Otto Marine sells three offshore vessels for $37.5m
Singapore’s Otto Marine will sell three offshore vessels to its Malaysian incorporated subsidiary Go Marine Services for a total of $37.5m.

The AHTS vessels involved are the 3,600-bhp Go Avior, Go Hawk and Go Harrier.

Otto Marine will receive a deposit of $3.75m in cash and its 49%-owned subsidiary Go Marine will pay the remaining amount within 12 months from the delivery of the vessels.

“The net proceeds from the sale of the vessels would be used to improve the working capital of the group,” Otto Marine said in a statement.

The transaction is conditional upon Go Marine obtaining the relevant approvals from its lender Bank Negara Malaysia for the purchase of the vessels, it added.

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