Haunted by Oil Slump, Singapore’s Otto Marine Buckles Under Debt

By Andrea Tan and David Yong (Bloomberg) -- A Singapore shipping company rescued by its chairman just over a year ago faces collapse unless the courts step in, a sign that an earlier slump in oil prices is still reverberating. Saddled with $877 million in liabilities and creditors demanding payment, Otto Marine Ltd. is asking the Singapore High Court for protection. The … [Read more...]

Singapore Shipbuilder Otto Marine Says Creditors Seeking to Wind Up Australian Units

By David Yong (Bloomberg) -- A Singapore-listed builder of ships that service offshore oil and gas facilities said some creditors are seeking to wind up its subsidiaries in Australia, adding to signs of strains in an industry beset by energy price declines. Otto Marine Ltd. said three creditors filed three such applications with the Supreme Court of Western Australia to … [Read more...]

Garrick Stanley Moves Over at Otto Marine

Otto Marine, the Singapore-listed offshore support vessel owner and shipbuilder reports today Mr. Michael See Kian Heng has taken the reigns as Group Chief Executive Officer from former CEO Garrick James Stanley. Stanley had previously worked as a master mariner and had been managing director of Go Marine Group since 2007, a subsidiary of Otto Marine that was fully acquired … [Read more...]

Otto Marine Wins Long Term PSV Charters

To the envy of many in the offshore supply vessel segment, Singapore-based Otto Marine Limited won long term charter contracts for two of their platform supply vessels (PSVs) to an undisclosed oil major in Australia. The company says that under the contracts, two 4,000 ton deadweight PSVs will be mobilized to Australia in March 2015 for a firm period of three years with … [Read more...]

Otto Marine Clinches Long-Term AHTS Charters

Otto Marine Limited announced today the signing of long term charters for two of their deep water anchor handlers, GO Sirius and GO Spica, worth AUD57 million. Employed in drilling and pre-lay support, the 16,300 BHP DP2 AHTS vessel GO Spica with the 210 tons of bollard pull capacity, will be mobilized to Australia for a long term charter off the Northwest coast of Australia … [Read more...]