Singapore Firm Changes Shipyard Executive Team
Otto Marine, owners & operators of Indonesia's largest shipyard, announces changes to it senior management. Mr. Mr. Mr. Deputy President Mr. Mr. Aw Chin Leng has voluntarily resigned from his position as Executive Director and Deputy President due to personal reasons. He was previously responsible for the general management of all shipyard activities and general operational management. Otto Marine Limited is an offshore marine group engaged in specialized shipbuilding of offshore vessels for primarily deep sea applications. The shipbuilding work includes ship repair and conversion and fabrication. In addition, Otto Marine charters out its own fleet of Anchor Handling Tugs and Offshore Supply vessels for mainly deep sea operations.
Offshore Work Maintenance Ship Sold, Chartered Back by Otto Marine
Singapore-based Otto Marine sells Work Maintenance Vessel 'Oranda 1' for US$38.0-million, simultaneously bareboat-chartered back for GofM work. The sales transaction sets to improve the Group’s cash flow and balance sheet. Oranda 1, of LOA 75 m is an ABS-classed 4,200bhp Work Maintenance Vessel that has completed 4 projects in South East Asia since May 2010. Contemporaneous with the sales transaction, the Group’s subsidiary, Karp Marine Limited, has bareboat chartered back the vessel for a period of 5 years.
