Go Offshore to buy GO Emerald vessel from Sinwa

Otto Marine’s Australian subsidiary GO Offshore has decided to acquire the GO Emerald anchor handling tug from Sinwa Limited.

Sinwa, a Singapore based company which owns and charters ships, today announced that it has entered into a memorandum of agreement with Go Offshore, under which Go Offshore will pay US$5,500,000 to acquire the 41.8 meters long vessel.

The vessel, built by China’s Jiangsu Wuxi Shipyard in 2009, is currently deployed offshore Western Australia.

Sinwa said that the reason for the sale was the company’s  strategy to divest its vessels and to expand its core business in marine, offshore supplies and logistics.

The transaction, subject to approvals from the boards of both Sinwa and Go Offshore, is expected to be completed on March 19.