Otto Marine Explores Strategic Options to Grow Subsea Services Division
Otto Marine Limited, a leading offshore marine company which owns and operates a large fleet of offshore support vessels and offers specialized offshore services, is currently exploring available strategic options to facilitate the expansion of its subsea operations business.
UOB Kay Hian Holdings Limited (“UOB”) has been appointed 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.
Otto Marine subsea operations business includes provision of light construction services in deepwater Oil and Gas field developments, while performing inspection, maintenance and repair (“IMR”) on existing and expanding subsea developed regions, and provision of specialised subsea vessels on long term charter in specific regions in support of subsea developments.
The options for expansion include a potential listing of one of its wholly owned subsidiaries, Surf Subsea Pte Ltd, on the Singapore Exchange Securities Trading Limited.
The fulfillment of the Subsea Expansion will be dependent on a variety of factors, including the feasibility of the strategic options, prevailing market conditions and the Company’s circumstances.
Commenting on the Group’s strategic approach, Mr 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.”
August 25, 2014; Image: Otto Marine