Offshore marine company, Otto Marine Limited, has announce the sale and leaseback of two VS491 21,000bhp anchor handling tug supply vessels currently being built at its Batam yard at $85m each.
Both vessels will be chartered back by Otto for a period of 8 years, and unlike the company's previous two sale and leaseback deals this time the buyer is an unrelated third party.
Michael See, Otto Marine's cfo said, “Together with our current Rights Issue, this arrangement will contribute significantly towards improving the Group cash flow, reduce bank loans and improve its gearing ratio, thus strengthen its balance sheet." See went on to say the company is now ready to take on more jobs, including shipbuilding, ship repairs and fabrication works.
The two vessels are scheduled for completion in August and October 2013.