Otto Marine sells two work maintenance vesselsOtto Marine sells two work maintenance vessels

The two vessels, Seasafe Salvo and Seasafe Supporter, were sold for $30m in total, Otto Marine announced to the Singapore Exchange.

Otto Marine said the net proceeds of the sale of about $6.4m will be applied first towards paying off the debt secured by the existing mortgage over the two vessels and other securities, and the remainder will go into the account of Koi Marine, Otto Marine's wholly-owned subsidiary.

The vessels were chartered by Koi Marine to Go Marine Services with a purchase obligation at the end of the charter period.

Otto Marine said the “gain from the transaction would improve the liquidity of the company and its subsidiaries.”