The company's subsidiary Otto Shipyard has sold ROV Support Vessel 'Otto Explorer 3' for US$50-million.
The Board of Directors of Otto Marine Limited announce that the earlier proposed sale of the Multi-purpose Field Support and ROV Support Vessel, “Otto Explorer 3”, to RY Offshore Limited by the Company’s shipyard, through one of the Company’s wholly-owned subsidiaries has been comleted.
Otto Marine state that the transaction is expected to have a positive impact on the consolidated net tangible assets per share or earnings per share of the Company for the financial year ending 31 December 2013.