Otto Marine takeover in the works

Otto Marine takeover in the works

Singapore’s Otto Marine, an offshore yard and vessel operator, has revealed an unidentified firm is looking at buying the company.

A formal proposal is expected to come “as soon as possible”, Otto Marine said, in revealing the contents of a letter it has received from a financial adviser, RHB Securities. The buyer said it is holding discussions with regulators at the moment.

Noting how Otto Marine’s share price has been volatile in the past few days, RHB Securties, on behalf of its client requested a trading halt.

A takeover would mark an incredible turnaround for Otto Marine, which has skirted very close to bankruptcy in recent years.

Otto Marine’s share price stood at S$0.23 today, having been on hold all day.

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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1 Comment

  1. Avatar
    Roger Symes
    June 4, 2016 at 2:15 pm

    Might the potential bidder be related to Rakesh Shankarlal Tulshyan, the man who served a writ against Otto Marine subsidiary, Supply Fleet Pte Ltd., two months ago seeking USD 17.6 million? http://tulshyangroup.com/