Otto Marine eyeing subsea business expansion
Singapore’s Otto Marine, an offshore marine group which owns and operates a large fleet of offshore support vessel has said it is looking at options to expedite the expansion of its subsea operations business.
According to a press release issued today, the Subsea Expansion would cover 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 include a potential listing of one of its wholly owned subsidiaries, Surf Subsea Pte Ltd, on the Singapore Exchange Securities Trading Limited. The Company has appointed UOB Kay Hian Holdings Limited to explore, and to advise it on the feasibility of such listing.
Commenting on the Otto’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.”