Otto Marine sells, charters back, work maintenance vessel

SEPTEMBER 19, 2012 —Singapore’s Otto Marine Limited has sold Oranda 1, a 75-meter work maintenance vessel, to an unrelated party for US $38.0 million. The vessel was simultaneously bareboat chartered back by an Otto Marine subsidiary for five years.

The vessel was delivered by China’s Zhejiang Shenzhou Shipbuilding Co., Ltd. in 2011.

After accounting for US $21.2 million worth of net carrying value of Oranda 1, the Group will book an estimated realized gain of US $16.8 million in its upcoming financial period ending September 30, 2012.

Oranda 1 is currently executing general topside platform maintenance works in the Gulf of Mexico under a 450-day time charter contract, worth US $14.9 million, that is Otto Marine’s first contract in Mexican waters.