Marco Polo Marine sells AHTS to joint venture companyVessel & ROV News // October 30, 2009
Marco Polo Marine has announced that the JV its wholly-owned subsidiaries, Marco Polo Shipping Co Pte Ltd and PT Marcopolo Shipyard, have entered into a sales and purchase agreement with the shareholders of the JV it has with PT Rig Tenders Tbk to sell a 5,380 bhp anchor handler to the JV. The company said it has also concluded a deal for a ship-repair and maintenance agreement for total value of US$15.0 million.
Under the five-year repair and maintenance agreement, the JV is obligated to send the AHTS vessel to the Groups shipyard in Batam for all repairs for a period of five years and the JV will be billed accordingly for the repairs undertaken.
The company has received a 30 per cent deposit and the balance amount will be paid upon delivery of the vessel, in the third quarter of its FY2010.
The entire profit from the vessel sale will be booked in the current financial year ending 30th September 2010.