Singapore’s Otto Marine has sold its multi-purpose field support and remotely operated vehicle (ROV) support vessel Otto Explorer 3 to RY Offshore for $50m.

Otto Explorer 3 is currently being built at Otto Marine ‘s shipyard in Batam, Indonesia and will be delivered to RY Offshore following the completion of final inspection.

Construction of the vessel started in 2012 and on completion it will have a gross tonnage of 4,071t and deadweight tonnage (dwt) of 3,250t.

RY Offshore has already paid Otto a $1m deposit for the vessel; the remaining $49m will be paid once it is delivered from Otto’s Indonesian shipyard.

Following delivery, the new vessel will be chartered by RY Offshore to Otto subsidiary Go Marine Group.

According to Otto Marine, a further announcement on the sale of the vessel will be made after the finalisation of legal documentation.

Otto Marine’s chairman and group chief executive officer Yaw Chee Siew holds a 29% stake in the issued and paid-up share capital of RY Offshore.

In March 2013, Otto Marine won a $27.8m contract from an unnamed Indonesian owner to build two anchor handling tug supply (AHTS) vessels.

The new 5,150bhp AHTS vessels are scheduled to be delivered in the second half of 2014 to the Indonesian operator, which owns and operates a fleet of offshore and other vessels.