Otto Marine sells Oranda 1

The 75-meter work maintenance vessel was sold to an unrelated party for US$38 million.

Otto Marine Limited said that the Group will book in estimated realized gain of US$16.8 million in its upcoming financial period ending 30 September 2012, after accounting for US$21.2 million worth of net carrying value of Oranda 1.

The ABS-classed 4,200bhp work maintenance vessel has completed four projects in South East Asia since May 2010. Contemporaneous with the sales transaction, the Group’s subsidiary Karp Marine Limited has bareboat chartered back Oranda 1 for a period of 5 years.

Oranda 1 is currently executing general topside platform maintenance works in the Gulf of Mexico under a 450-day time charter contract worth US$14.9 million. This contract was the Group’s maiden voyage into the Mexican waters.