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Otto Marine sells work maintenance vessel

Otto Marine sells work maintenance vessel
Singapore’s Otto Marine has inked a memorandum of agreement to sell a work maintenance vessel.

The vessel, SOC Endeavour, is owned by Otto Marine’s wholly-owned subsidiary Koi Marine Limited.

“The sale of the vessel will reduce its inventory on hand and is part of the ordinary course of business of the shipyard business,” offshore services provider Otto Marine said.

Financial details and the name of the buyer were not disclosed.

Singapore-listed Otto Marine said the vessel sale is expected to have a positive impact on its earnings for the financial year ending 31 December 2016.