Singapore: Singaporean offshore operator Otto Marine has sold three of its vessels to a Malaysian company in which it holds a 49% stake. Go Marine Services is paying $37.5m for the three anchor handlers. Full payment will be received in the next 12 months, Otto Marine said in a release to the Singapore Stock Exchange.
The sale of the trio will give Otto Marine a net gain of $1.02m. The cash will be used to improve the working capital of the group. [30/06/14]