JULY 29, 2013 — Singapore's Otto Marine has entered into a $170 million sale and leaseback deal for two 21,000 bhp VS491 design AHTS (Anchor Handling Tug Supply vessels).

Otto Marine says the sale will significantly improve its cash flow and reduce its gearing ratio.

The VS491 vessels are currently being constructed at Otto Marine's Batam shipyard, and are scheduled for delivery to the owner in August and October 2013. Both the vessels will be chartered by Otto Marine for a period of eight years.

The vessels are hybrid propulsion diesel electric driven vessels with dynamic positioning 2 (DP2) technology. Measuring 91.5 meters in length and 22.5 meters wide, the vessels have a bollard pull of 240 to 260 tonnes. These vessels can operate and handle large rigs in the ultra-deepwater region including the harshest environments of the North Sea region.