Otto Marine Seeks to Raise Profile, Competitiveness of Subsea Services Unit
Singapore-listed Otto Marine Limited, (Otto Marine or the Group), a leading offshore marine company which owns and operates a large fleet of offshore support vessels, shipyard and offers specialized offshore services, reported Monday that the Group has appointed UOB Kay Hian Holdings Limited (UOB) to advise the Group on strategic options, aimed to develop the international profile and competitive position of its subsea services unit in the increasingly growing segment. Such options include but are not limited to a potential listing on the on the Singapore Exchange Securities Trading Limited (SGX-ST). The Group remains committed to the business and the review is intended to pursue profitable growth and enhance shareholder value.
Commenting on the Group’s strategic approach, Michael See, Group executive director, said “The exploration of strategic alternatives for Otto Marine demonstrates our commitment to enhancing shareholder value and sharpening our strategic and financial focus. We believe there are avenues that could afford Otto Marine more versatility to make strategic investment decision to take full advantage of the compelling prospects of the subsea segment and to better
position the business for its customers, partners and employees.”
The Group will keep the market and shareholders appropriately informed of further material developments.
Shareholders are advised to refrain from taking any action in respect of their shares in the Company which may be prejudicial to their interests, and to exercise caution when dealing in the shares of the Group.
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