Otto Marine’s curious $95m AHTS sale

Singapore: In a pair of releases to the Singapore Stock Exchange late Friday, either local offshore firm missed a crucial decimal point or else it set an astronomical new record for an AHTS vessel. Otto Marine said it has sold two vessels to an Indonesian firm, PT Go Marine International, in which it has a 49% stake. Deep Sea 1, built at Otto Marine’s Batam yard, was sold for $95m, while an AHTS, Go Riegel, was sold for $25m.

The sales will help pay back bank loans, Otto Marine said in a release. 

“$95m could buy you a VLCC and an aframax tanker, it does seem rather high,” commented one Hong Kong broker on hearing the price of Deep Sea 1, a vessel, which according to Otto Marine’s site was not on charter.  [04/11/13]

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