Otto Marine Limited, offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, announces that it has sold a 40 meters Anchor Handling Tug (AHT), “SWORDFISH 3” to its joint venture company, Otto Limin Marine Private Limited.
“SWORDFISH 3” has been completed at Otto Marine’s yard in Batam and is about to leave the yard for its maiden job and will be deployed in India. The vessel will be operated by the Group’s strategic partner, Limin Marine Private Limited (“Limin”). This is the first time that any vessel under Otto Marine’s strategic partnerships is to be deployed in India.
Limin is in the business of ship owning, managing and operating, ship brokering, ship building and repair and shipping agency. In November 2011, Otto Marine and Limin incorporated the JV Company with a 50-50 equity interest each and the JV Company is to carry on business in the ownership and operation of vessels.
“Part of the Group’s strategy is also to grow through strategic partnerships and this recent development is one of them. We are delighted to enter the India market through our joint venture company with Limin Marine. This will be Otto Marine’s maiden entry in India and the vessel SWORDFISH 3 will be supporting a Pipelay Barge for Offshore Construction projects. We are optimistic on our partnership with Limin and hoping that the joint venture will bring more fruitful results.” said Mr Michael See, Chief Financial Officer, Otto Marine
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