Australia’s Go Marine Group has become the latest casualty of the offshore downturn, having been placed into administration this week along with subsidiary Go Offshore.
Part of Singapore’s Otto Marine, Go Marine Group has called in KordaMentha as its administrator and will hold its first creditors meeting in Perth on November 1.
“Go is to be restructured and hopefully recapitalised. Otto’s shareholding will be diluted significantly in the process through proposed new investment,” a source told Splash.
Go Offshore currently has around 16 vessels in its fleet.
Parent company Otto Marine was delisted from the Singapore exchange last year after being taken over by an entity owned by executive chairman Datuk Seri Yaw Chee Siew.