Otto Marine Sells ROV Support Vessel ‘Otto Explorer 3’ to RY Offshore, Indonesia

Otto Marine Limited announces that its shipyard has, through one of the Company’s wholly-owned subsidiaries, sold a Multi-purpose Field Support and ROV Support Vessel “Otto Explorer 3” to RY Offshore Limited for an aggregate consideration of approximately US$50 million.

Upon completion of the sale, RY Offshore will charter the vessel to the Company’s subsidiary, Go Marine Group Pty Ltd.

The Company has received the deposit of US$1 million from RY Offshore for the transaction with the balance to be paid upon delivery of the Vessel.

The Vessel is being built at the Company’s shipyard in Batam, Indonesia and will be handed over to RY Offshore following the completion of final inspection.

[mappress]
Press Release, April 02, 2013