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Nine local names rally around embattled Marco Polo Marine

Nine local names rally around embattled Marco Polo Marine

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Nine Singapore entities have put together a S$60m ($44m) rescue fund to try and bail out locally listed offshore firm Marco Polo Marine.

The founders of the struggling OSV operator, the Lee family, have offered to dilute their shareholding by 90% to just 6% of the enlarged share capital in favour of bringing in these equity investors and deleveraging the group’s balance sheet.

The plan calls for 2bn new shares valued at S$0.028 to be issued to these nine investors. Marco Polo Marine has until March to significantly reduce its liabilities if these nine names are to go ahead with their investments.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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