Otto Marine sells off entire stake in Go Marine Services

The move follows closely after Otto Marine sold three AHTS vessels to the Malaysia-incorporated Go Marine Services.

Go Marine Ship Management, a 90%-held subsidiary of Otto Marine, has sold its entire 49% stake in Go Marine Services to the unnamed third party.

The book value of Go Marine Services as at 31 March 2014 is approximately $400,000 but the buyer is forking out MYR1.47m ($460,000) in cash, according to Otto Marine.

Singapore-listed Otto Marine did not give a reason for the sale and purchase transaction.