Singapore: Otto Marine Enters into LOI to Sell AHTS Deep Sea 1

  • Business & Finance


Further to the announcement and the press release dated 23 June 2011 in relation to the AHTS’ receipt of its maritime class certification from Det Norske Veritas, the Board of Directors of Otto Marine Limited announced that it has entered into a letter of intent dated 10 August 2011 to sell the AHTS Vessel Deep Sea 1 to an unrelated third party.

AHTS Vessel Deep Sea 1 was built in 2010 by PT Batamec and registered in Singapore under Singapore flag. The purchase price payable by the Buyers for the acquisition of the vessel is US$90,000,000. Under the terms of the letter of intent, the Buyers will pay a deposit of US$9,000,000 (the “Deposit”) to the Company within 30 days from the date of the letter of intent.

Otto Marine Limited and the Buyers shall mutually agree upon all other terms and conditions pertaining to the sale of the Deep Sea 1 and shall execute a Memorandum of Agreement upon the payment of the Deposit.

[mappress]

Source: Otto Marine, August 12, 2011.

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