Otto Marine Signs MOAs to Sell 2 AHTS Vessels for $120M

Singapore's offshore support vessels provider Otto Marine Limited announced Friday that its wholly owned subsidiary, Deep Sea 1 Pte. Ltd. (DS1PL) has entered into a Memorandum of Agreement (MOA) to sell an anchor handling tug and support (AHTS) vessel, DEEP SEA 1, to PT GO Marine International (GMI), a company incorporated in Indonesia in which it owns 49 percent for $95 million.

The sale of DEEP SEA 1, built at Otto Marine's shipyard in Batam, Indonesia, will reduce its inventory on hand.

"The MOA has no legal or binding effect, and it does not purport to create any legal relations other than to provide a period for the parties to negotiate and enter into formal binding contracts," Otto Marine said in an announcement on the Singapore Exchange.

Separately, Otto Marine reported that its subsidiary Go Rigel Private Limited has signed a MOA to dispose off one of its AHTS vessel - GO RIGEL - to PT GO Marine International, a company incorporated in Indonesia in which it owns 49 percent for $25 million.

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