Otto Marine has secured its first foothold in the Indian offshore market following the sale of an anchor handler to a joint-venture company.
Recently formed Otto Limin Marine has bought the 4,000-bhp Swordfish 3, Otto tells investors.
The vessel, which is set to be rolled out by Otto’s Batam yard soon, will be supporting a pipelay barge on an offshore construction project, a statement says.
Michael See, CFO of Otto, says he is hopeful the new venture, agreed last month, will result in “more fruitful results” for the company.
No purchase price was revealed.
Otto and compatriot Limin Maritime have invested a combined $600,000 in the new venture.