Singapore: Offshore player Otto Marine has announced it will pay just $1 to take over the 51% stake held by Hoe Loeng Corporation in its joint venture, Aries Offshore.
Otto Marine will take over Aries Offshore if Hoe Leong’s shareholders approve the deal. Hoe Leong bought into Aries Offshore four years ago.
Aries Offshore is predominantly an AHTS operator. [14/02/14]