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(Limin is in the business of ship owning, managing and operating, ship brokering, ship building and repair and shipping agency. In November 2011, Otto Marine and Limin incorporated the JV Company with a 50-50 equity interest each and the JV Company is to carry on business in the ownership and operation of vessels.) “Part of the Group’s strategy is also to grow through strategic partnerships and this recent development is one of them. We are delighted to enter the India market through our joint venture company with Limin Marine. This will be Otto Marine’s maiden entry in India and the vessel SWORDFISH 3 will be supporting a Pipelay Barge for Offshore Construction projects. We are optimistic on our partnership with Limin and hoping that the joint venture will bring more fruitful results.” Mr Michael See, Chief Financial Officer, Otto Marine About Otto Marine Limited (OTML.SP) Otto Marine Limited ("Otto Marine" or the "Company") is an offshore marine group engaged in specialized shipbuilding of offshore vessels for primarily Deep Sea applications. The shipbuilding includes ship repair and conversion. In addition, Otto Marine is chartering out its own fleet of sophisticated and environmentally friendly (clean/comfort class) Anchor Handling Tugs and Offshore Supply vessels for mainly Deep Sea applications. In continuation of its expansion strategy, Otto Marine is the majority shareholder in the seismic operator, Reflect Geophysical. Headquartered in Singapore, the Company owns and operates one of the largest shipyards in Batam, Indonesia - one of the most sophisticated yards in Asia Pacific. The yard is building to DNV and Norwegian class standards. Its customers are primarily deep sea and offshore operators and equipment companies who provide logistics support and offshore services to companies operating globally in the oil and gas industry. Otto Marine’s specialized approach has allowed it to build up its expertise in constructing high specification deep sea and offshore support vessels, improve its production quality and efficiency and develop a competitive cost structure. This quality and level of sophistication has enabled the Company - as one of the few in Asia - to gain recognition in the construction of complex and sophisticated deep sea and offshore vessels. Otto Marine was successfully listed on the Main Board of Singapore Exchange Securities Trading Limited (the “SGX-ST”) on 28 November 2008. For more information, please visit the Company’s website at http://www.ottomarine.com The initial public offering of the Company was sponsored by United Overseas Bank Limited and Credit Suisse (Singapore) Limited (the ‘Issue Managers’). The Issue Managers assume no responsibility for the contents of this announcement. Issued for and on behalf of Otto Marine Limited Otto Marine press release |
Otto Marine Sold One Offshore Vessel To Its JV Company