The Board of Directors of Singapore's Otto Marine Limited (the Company) announced that its shipyard has, through one of the Company’s wholly-owned subsidiaries (the Seller), sold a Multi-purpose Field Support and ROV Support Vessel (the Vessel) to RY Offshore Limited (the Buyer) for an aggregate consideration of approximately $50 million. Upon completion of the sale, the Buyer will charter the vessel to the Company’s subsidiary, Go Marine Group Pty Ltd.
The Vessel design MT6009L is from a renowned Norwegian Design house Marin Teknikk and is DNV Classed. The DP2 hybrid diesel electric driven vessel is built at the Company’s shipyard in Batam, Indonesia. The vessel will be handed over to the Buyer following the completion of legal documentation and a final inspection.
Yaw Chee Siew, the Company’s chairman and Group CEO, owns a 29 percent interest in the issued and paid-up share capital of the Buyer, with the remainder held by unrelated third parties. Save as disclosed above, none of the directors or controlling shareholders of the Company has any interest, whether direct or indirect, in the above transaction other than through their shareholdings in the Company.
The transactions above are 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 Dec. 31.
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