Otto Marine Sells 2 Work Maintenance Vessels for $30M

Singapore's offshore marine firm Otto Marine Limited announced Tuesday that Malaysia-based Go Marine Services (M) Sdn Bhd - formerly known as Expro Synergy Sdn Bhd - has executed its purchase obligation for two vessels for a total of $30 million.

The original agreement was inked between Otto's unit Koi Marine Limited and Workboats 1 Limited, a wholly owned subsidiary of Go Marine Services.

The two 200 foot (61 meter) Work Maintenance Vessels are called “Seasafe Salvo” and “Seasafe Support”.

"As announced Sept. 30, 2013, the Vessels were chartered by Koi to the Charterers with a purchase obligation at the end of the charter period. As a result, the Vessels had already been physically delivered to the Buyers ... the execution of the purchase obligation has (now) been completed," Otto Marine said in Tuesday's press release.

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