The Board of Directors of Otto Marine Limited announced that the Company’s subsidiary has today sold an accommodation and work barge to an unrelated party for the sum of approximately US$28.4 million.
95% of the Purchase Consideration has been paid by the Buyer with the remaining 5% to be paid upon physical delivery of the Vessel on or around mid February 2012.
Otto Marine Limited is an offshore marine group engaged in Shipbuilding, Repair & Conversion, Ship Chartering and Specialised Services, with focus on complex, sophisticated and environment friendly offshore support vessels. Headquartered in Singapore, Otto Marine owns and operates one of the largest shipyards in Batam, Indonesia.
[mappress] World Maritime News Staff, February 13, 2012; Image: Otto Marine