Otto Marine Offloads Support Vessel for $38mln
By Aiswarya Lakshmi
Monday, April 4, 2016
Singapore-based Otto Marine Limited has signed a Memorandum of Agreement to sell a Work Maintenance Vessel known as SOC ENDEAVOUR to an unspecified party through its wholly owned subsidiary, Koi Marine Limited.
The sale of the vessel will reduce its inventory on hand and is part of the ordinary course of business of the shipyard business.
“The sale of the vessel will reduce its inventory on hand and is part of the ordinary course of business of the shipyard business,” offshore services provider Otto Marine said.
Financial details and the name of the buyer were not disclosed.
The sale is expected to have a positive impact on its earnings for the financial year ending 31 December 2016.