Otto Marine Limited revealed that charterers, Go Marine Services Sdn Bhd through the assignment of the original contract to its wholly owned subsidiary, Workboats 1 Limited, executed its purchase obligation for two vessels for an aggregate sum of USD30 million.
The group’s wholly owned subsidiary, Koi Marine Limited was the other party to the contract with the charterers.
The vessels are two 61m Work Maintenance Vessels “SEASAFE SALVO” and “SEASAFE SUPPORTER”.
The proceeds from the purchase consideration will be applied first towards total satisfaction of the debt secured by the existing mortgage over the vessels and other securities and the remainder will be for Koi’s own account.
As announced on 30 September 2013, the vessels were chartered by Koi to the charterers with a purchase obligation at the end of the charter period. As a result, the vessels had already been delivered to the buyers subject to the execution of the purchase obligation and receipt of purchase consideration by Koi.
The execution of the purchase obligation has been completed.
Otto Marine, February 4, 2014