Singapore's Otto Marine Limited disclosed Friday that its subsidiaries, Dolphin 2 Pte. Ltd., Dolphin 3 Pte. Ltd. and Dolphin 4 Pte. Ltd., signed a Memorandum of Agreement (MOA) to dispose 3 vessels to Go Marine Services (M) Sdn Bhd, a company incorporated in Malaysia in which it owns 49 percent, for $37.5 million.
Otto Marine will receive a deposit of $3.75 million in cash for the 6,000 brake horsepower (bhp) anchor handling tug supply (AHTS) vessels, named GO AVIOR, GO HAWK and GO HARRIER.
The transaction is conditional upon Go Marine Services obtaining the relevant approvals from Bank Negara Malaysia for the purchase of the 3 AHTS vessels.
Upon completion of the transaction, Otto Marine would realize an estimated net gain of approximately $1.02 million, which "would be used to improve the working capital of the Group," the company said in a press release.
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