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SHARES of offshore chartering group Otto Marine on Monday rose 4.4 per cent after it said its shipyard division had sold an Anchor Handling Tug Supply Vessel (AHTS) to a unrelated third party for US$100 million.
The stock gained 0.2 Singapore cents at S$0.048, with 6.69 million shares changing hands. It was among the most actively traded stock in morning trade.
The AHTS, a Norwegian-designed vessel that can operate and handle large rigs in the ultra-deepwater region, is under construction at Otto Marine's shipyard in Batam, Indonesia. It is expected to be completed in the second quarter of 2015.
GO Offshore (L) Private Limited, a subsidiary of the group, will charter the vessel for eight years after the completion of the vessel.
The sale is expected to have a positive contribution to the consolidated net tangible assets per share and earnings per share of the group for the financial year ending Dec 31, 2014.