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Otto Marine sells vessel for US$100m

OFFSHORE chartering group, Otto Marine Limited, said on Monday that its shipyard division has sold an Anchor Handling Tug Supply Vessel (AHTS) to a unrelated third party for US$100 million.

The Norwegian-designed vessel, which 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.