Singapore: Otto Marine Sells AHT Vessel

Otto Marine Limited, an offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services,has sold a 40 meters Anchor Handling Tug (AHT),  “SWORDFISH 3” to its joint venture company, Otto Limin Marine Private Limited (“JV Company”).

“SWORDFISH 3” has been completed at Otto Marine’s yard in Batam and is about to leave the yard for its maiden job and will be deployed in India.  The vessel will be operated by the Group’s strategic partner, Limin Marine Private Limited (“Limin”). This is the first time that any vessel under  Otto Marine’s strategic partnerships is to be deployed in India.

“Part of the Group’s strategy is also to grow through strategic partnerships and this recent development is one of them. We are delighted to enter  the India market through our joint venture company with Limin Marine. This will be Otto Marine’s maiden entry in India and the vessel SWORDFISH 3 will  be supporting a Pipelay Barge for Offshore Construction projects. We are optimistic on our partnership with Limin and hoping that the joint  venture will bring more fruitful results.”

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Offshore Energy Today Staff , December 12, 2011