Otto sells three AHTS vessels

Singapore’s Otto Marine has decided to sell three of its Anchor Handling Tug and Supply Vessels to GO Marine Group.

The three 6,000 bhp vessels Go Avior, Go Hawk and Go Harrier will be sold to Go Marine group for $37 million. Otto said that the purchase price was determined on an arm’s length willing buyer, willing seller basis.

The transaction is subject to Go Marine obtaining the relevant approvals from Bank Negara Malaysia.

“The net proceeds from the sale of the Vessels will be used to improve the working capital of the Group,” Otto said in a press release.