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Otto Marine in $50m sale and leaseback deal
Singapore: Otto Marine Limited has announced the sale of Multi-purpose Field Support and ROV Support Vessel “Otto Explorer 3” to RY Offshore Limited for close to US$50 million. The vessel will be chartered back to Otto subsidiary Go Marine Group and is currently being built at Otto’s shipyard in Batam. RY Offshore, which is 29% owned by Otto Marine chairman Yaw Chee Siew, has already paid a US$1 million deposit. [02/04/13]
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