Sinwa Limited, a Singapore-based marine supply and logistics firm servicing the marine and offshore industry, reported Monday that its wholly-owned unit Sinwa Emerald Pte. Ltd., has entered into a Memorandum of Agreement and a Settlement Agreement with GO Offshore Pty Ltd. and its wholly-owned subsidiary GO Emerald Pte Ltd. March 10 for the sale of the vessel known as GO Emerald for $5.5 million (SGD 6.96 million).
Under an Oct. 1, 2009 charter contract signed between Sinwa Emerald and GO Offshore, the latter has an option to acquire the GO Emerald vessel at any time during the bareboat charter. GO Offshore has now declared its desire to purchase the vessel and delivery is scheduled for March 19.
"The Directors [of Sinwa Limited] are of the view that the Proposed Disposal is ... in line with the Group’s strategy to divest its vessels and to expand its core business in marine, offshore supplies and logistics," the company said in a press release.
GO Offshore is a subsidiary of Otto Marine Limited, a Singapore-listed offshore marine company.
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