Neptune continues asset sell-off

Marine services group Neptune Marine has announced the sale of a remotely operated vessel for $US2.4 million.

Neptune said the sale proceeds from its ROV vessel would add to its working capital, with the company holding zero debt.

AS a result of the sale, Neptune will incure a writedown of $1.25 million ion its statutory accounts for the year ending June 30.

Neptune chief executive Robin King said the sale was another milestone in the restructuring of the company first announced in February.

"Sale of non-core assets are a key part of Neptune's back to basics restructuring program as we don't believe it is necessary to have Neptune's capital tied up in vessel ownership.

"We are very pleased to achieve another milestone by confirming the sale of these non-core assets."

Neptune shares were steady at 3.7 cents today.