Go Marine Group Pty Ltd News

Australian offshore support vessel owner-operator Go Marine Group Pty Ltd has filed for administration after suffering a $50 million financial collapse, The West Australian reported. A notice filed with the Australian Securities and Investment Commission showed that Go Marine and its subsidiary Go Offshore Pty Ltd filed for administration on October 20. The board of Australia's only integrated marine oil and gas logistics provider appointed administrators from KordaMentha last Friday to the company, which is owned by Singapore’s Otto Marine. Administrator Richard Tucker said it had secured debt and mezzanine finance $50 million (A$65 million). It was unclear at this stage what unsecured creditors were owed.

Otto Marine Limited confirm the time charter contract of their Platform Supply Vessel (PSV) - 'Sea Frost', for approximately US$8.0 million. Under the contract, which has recently commenced, Sea Frost has been contracted to support the Atwood Eagle rig located off the coast of Australia for a period of 152 days. Otto Marine add that the client has the option of extending the contract for an additional two terms based on the same terms and conditions. Completed in 2013, this vessel is the latest addition to the Group’s fleet, held under subsidiary Go Marine Group Pty Ltd.

Singapore's Otto Marine Ltd. says that its 90% owned subsidiary, Go Marine Group Pty Ltd. has entered into a Memorandum of Agreement to sell the 7 vessels concerned to RSOV Marine Pte Ltd for an aggregate sum of US$10 million. The vessels are named: GO 4 IT, GO Puriya, GO Shaula, Piparn, Yikara, Minotaur and Centaur. Otto Marine add that Mr Yaw Chee Siew, its Executive Chairman and controlling shareholder, owns a 29% interest in the issued and paid-up share capital of the buyer, with the remainder held by an unrelated third party.

Otto Marine's shipyard has sold the multi-purpose offshore support vessel 'Otto Explorer 3' to RY Offshore Ltd. for about US$ 50-million. Upon completion of the sale, the buyer will charter the vessel to the Ottto Marine Group subsidiary, Go Marine Group Pty Ltd. The company has received a deposit of US$1 million from the buyer for the transaction with the balance to be paid upon delivery of the vessel, which is being built at the Otto Marine shipyard in Batam, Indonesia. Otto Marine Limited is an offshore marine group…