Otto Marine's Subsidiary Sells 7 Vessels to RSOV Marine for $10M
Singapore's offshore support vessels provider Otto Marine Limited (the Company) announced Friday that its 90 percent owned subsidiary, Go Marine Group Pty Ltd has entered into a Memorandum of Agreement dated Dec. 31, 2013 to sell seven vessels known as GO 4 IT, GO Puriya, GO Shaula, Piparn, Yikara, Minotaur and Centaur to RSOV Marine Pte Ltd (the Buyer) for an aggregate consideration of $10 million.
Yaw Chee Siew, the Company’s executive chairman and controlling shareholder, owns a 29 percent interest in the issued and paid-up share capital of the Buyer, with the remainder held by unrelated third party. Save as disclosed above, none of the directors or controlling shareholders of the Company has any interest, whether direct or indirect, in the above transaction other than through their shareholdings in the Company.
The above transaction is not expected to have a material impact on the consolidated net tangible assets per share or earnings per share of the Company for the financial year ended Dec. 31, 2013.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Singapore's Offshore Marine Firm Otto Marine Gets Delisting Offer (Jun 09)
- Otto Marine Clinches $68.5M Charter Contract for OSV to Work Off Australia (Mar 02)
- Otto Marine's Unit to be Preferred O&M Service Provider for Port Operator (Jan 22)