Otto Shipyard News

Otto Marine Limited, an offshore marine company specializing in building complex offshore support vessels, ship chartering and offers specialized offshore services, has announced that its wholly-owned subsidiary, Otto Marine Shipyard Pte Ltd, has entered into a Memorandum Of Understanding (MOU) with a port operator to explore the potential development of a fabrication and marine facility. The proposed development is strategically located in close proximity to Singapore and to the South East Asia region oil and gas fields. Otto Shipyard currently operates a 65 hectare shipyard through its sister company PT. Batamec. The Proposed Development will use a fraction of the yard space and is not expected to cause any disruption on PT. Batamec's existing shipyard facilities.

The company's subsidiary Otto Shipyard has sold  ROV  Support Vessel 'Otto Explorer 3' for US$50-million. The Board of Directors of Otto Marine Limited announce that the earlier proposed sale of the Multi-purpose Field Support and ROV Support Vessel, “Otto Explorer 3”, to RY Offshore Limited by the Company’s shipyard, through one of the Company’s wholly-owned subsidiaries has been comleted. Otto Marine state that the transaction  is expected to have a positive impact on the consolidated…