Otto Marine Enters AHTS Sale and Leaseback Deal (Singapore)

Singapore’s Otto Marine Limited, an offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, has entered into a sale and leaseback deal with, according to Otto, a “renowned third party” for 2 large Anchor Handling Tug Supply Vessels for US$85 million each. 

The VS491 21,000bhp vessels are currently being constructed at Otto Marine’s Batam yard, and are scheduled for completion in August and October 2013 respectively, to the new owner in Batam. Both the vessels will be chartered by the Group for a period of  8 years.

DNV classed and Norwegian-designed, the VS491 21,000bhp AHTS are hybrid propulsion diesel electric driven vessels with dynamic positioning 2 (DP2) technology. 91.5 meters in length and 22.5 meters wide, the vessels have a bollard pull of 240 to 260 tonnes. These vessels can operate and handle large rigs in the ultra-deepwater region including the harshest environments of the North Sea region.

 

Press Release, July 29, 2013

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