Otto Marine secures US$43.4 million sales order for two 8,000bhp AHTS

Otto Marine Limited, a leading offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, announce that its shipbuilding arm and wholly-owned subsidiary, Otto Offshore Limited has entered into a sales agreement to sell two 8,000 bhp AHTS to a third party at a market price of US$43.4 million (approximately S$54.8 million equivalent).
These two vessels are currently under construction and the Group expects it to be completed this year. Subsequent to the delivery of these two vessels, Redfish 3 Pte. Ltd., a unit of the Group will charter and deploy the vessels for 7 year.
“This is a good start to our new financial year 2011. Optimism in the offshore marine and oil and gas industry appears to be building up as a series of new rig orders were placed with major players recently. This could lead to an increase in the demand for support vessels. We have also witnessed recently a healthy increase in enquiries for new vessels. We are cautiously optimistic that this momentum will continue.” Mr Lee Kok Wah, President cum Group Chief Executive Officer
The above transaction will contribute positively to the profits of the Group for the financial year ending 31 December 2011. None of the Directors or substantial shareholders of Otto Marine has any interest, direct or indirect, in the aforesaid transaction save for their shareholdings in the Company.
Source: Otto Marine