Kuala Lumpur: Petra Resources has entered into a memorandum of agreement to buy the Otto 3 accommodation work barge from a company connected to Singapore’s Otto Marine for $14.1m.
The vessel will remain on charter to Shell where it is being used in connection with the topside major maintenance/hook-up, construction and commissioning contract in the waters off Sarawak and Sabah.
The deal is good news for Otto Marine, just one week ahead of its annual results report, which it has already warned will be in the red. [15/02/13]
