The Board of Directors of Otto Marine Limited (the “Company”) announces that the sale of the Multi-purpose Field Support and ROV Support Vessel, “Otto Explorer 3”, to RY Offshore Limited for an aggregate consideration of approximately US$50 million had been successfully completed.
RY Offshore will charter the vessel to the Company’s subsidiary, Go Marine Group Pty Ltd.
The Vessel is being built at the Company’s shipyard in Batam, Indonesia and will be handed over to RY Offshore following the completion of final inspection.
[mappress] Press Release, May 27, 2013