Otto Marine announced the sale of a 75-metre work maintenance vessel to a buyer for approximately $38m.
Upon completion of the sale, Otto Marine's subsidiary will enter into a bareboat charter agreement with the buyer for a charter of the vessel for a period of five years.
“10% of the purchase consideration has been paid by the buyer, with the balance to be paid upon delivery of the vessel which will be around the end of August 2012,” Singapore-based Otto Marine said.