Otto Marine in $100 million AHTS sale and leaseback deal

DECEMBER 29, 2014 — Singapore based Otto Marine says it has strengthened its balance sheet with a $100 million AHTS sale and leaseback deal.

The group’s shipyard division has sold the VS 491, 21,000 bhp anchor handling tug supply vessel to what Otto Marine describes “as  a renowned unrelated third party” for $100 million.

Currently under construction at Otto Marine’s shipyard in Batam, Indonesia, the vessel is expected to be completed in second quarter 2015, when Otto subsidiary GO Offshore (L) Private Limited will charter it for eight years.

The DP2 diesel electric AHTSmeasures 91.5m in length and 22.5m wide and has a bollard pull of 240 to 260 tonnes. It is DNV classed and can operate and handle large rigs in the ultra-deepwater region including the harshest environments of the North Sea region.

It is the final vessel in a series of four VS 491 vessels built by Otto.