News
03.02.11
- Through the agreement, Otto Marine has the option to acquire
49% and remaining 51% of Go Marine Group Pty Ltd for a total
consideration of about A$20 million that includes a A$15 million
loan.
- This provides Otto Marine a launch pad to provide marine
services to the booming Australian oil and gas market.
- To target major projects like Gorgon, Wheatstone, Browse Basin
and the Inpex Ichthys development in the near future.
Singapore, 1 February 2011 - Otto Marine Limited, ("Otto Marine"
or the "Group"), a leading offshore marine company which
specializes in building complex offshore support vessels, ship
chartering and offers specialized offshore services, has announced
that its wholly-owned subsidiary, Otto Ventures Pty Ltd ("OVPL"),
has signed a deal with Go Marine Group Pty Ltd ("Go Marine") that
gives OVPL the options to acquire 100% of Go Marine in three
tranches through a Convertible Loan Agreement and an Option
Agreement.
About Otto Marine Limited (OTML.SP)
Otto Marine Limited ("Otto Marine" or the "Company") is an
offshore marine group engaged in specialized shipbuilding of
offshore vessels for primarily Deep Sea applications. The
shipbuilding includes ship repair and conversion. In addition, Otto
Marine is chartering out its own fleet of sophisticated and
environmentally firendly (clean/comfort class) Anchor Handling Tugs
and Offshore Supply vessels for mainly Deep Sea applications. In
continuation of its expansion strategy, Otto Marine is the majority
shareholder in the seismic operator, Reflect Geophysical.
Headquartered in Singapore, the Company owns and operates one of
the largest shipyards in Batam, Indonesia - one of the most
sophisticated yards in Asia Pacific.