News
03.02.11

GO Marine for sale

  • 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.