Hi, Once a MO has been released it is not possible to change the Owner of the asset.   

As you state the, if some WO’s associated with the MO have been partially completed against one owner then these need to be closed out, all non worked on WO’s need to be cancelled from the MO which will then remove them from the MO and then the MO can be closed.   
Then a new MO can be created for the outstanding work which has not be accomplished.    But here the issue is maintaining tractability of work done under one MO.  

But would it no be preferable to , even if the ownership of the asset changes during the visit to close out all the work orders and events associated with the visit and the MO, raise the required CO against the Original Owner as full sales value or in turn the cost can correctly be determined and then to transfer these cost to the new owner once the asset is delivered to the them.   

There are many issues that spring to mind in this whole process that need to be considered for instance does the new owner have either a Service Contract or Heavy maintenance Contract set for the work to be under taken, are the contracting/invoicing rules the same etc.     

Can I recommend that you raise an Idea in the community. 

Hi @karthik.rajakumarS. Having had the same scenario at Tarmac Aérosave (commercial aviation however) when they store or maintain an airplane transitioning from one owner to another. During that process, it is often required to invoice old versus new customer, change the registration number of the airplane, meaning issuing a release certificate for the old registration, and another for the new one. Seems very normal 2 different WP are created to achieve these steps. Now, I understand that deferring a list of tasks is not straightforward. I would recommand you having a BPA or any other logic to quickly defer a list of maintenance events and reassigning them to a child MO.