Singapore: Otto Marine – Sale and Charter of Vessel

The Board of Directors of Otto Marine Limited announced that the Company’s subsidiary has sold a 75M work maintenance vessel to an unrelated party for a sum of approximately US$38 million.

10% of the Purchase Consideration has been paid by the Buyer, with the balance to be paid upon delivery of the Vessel which will be around the end of August 2012. A further announcement on the sale of the Vessel will be released upon the completion of the legal documentation.

Upon the completion of the sale, the Company’s other subsidiary will enter into a bareboat charter agreement with the Buyer for a charter of the Vessel for a period of 5 years.

[mappress]

Source: Otto Marine, August 16, 2012