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Otto Marine completes vessel sale, eyes Malaysia

 

Singapore: Otto Marine Limited has completed the sale of multi-purpose field support and ROV support vessel “Otto Explorer 3” to RY Offshore Limited for the sum of $50 million.
 
RY Offshore, 29% owned by Otto Marine chairman Yaw Chee Siew, plan to charter the vessel to Otto subsidiary Go Marine Group.
 
Meanwhile Otto’s 90% owned subsidiary, Go Marine Ship Management (M) Sdn. Bhd., has incorporated a subsidiary in Malaysia. The subsidiary, Go Spica Sdn. Bhd., is for the owning and chartering of vessels including offshore support vessels for domestic and international sea transportation activities. [27/05/13]
 

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