Otto Marine sells under-construction AHTS duo

Singapore-listed Otto Marine Limited says 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.

These two vessels are currently under construction and are expected to be this year. Following delivery, Redfish 3 Pte. Ltd., a unit of the Otto Marine group will charter and deploy the vessels for 7 years.

“This is a good start to our new financial year 2011,” said Mr. Lee Kok Wah, President and Group CEO. “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.”

March 31, 2011