Otto Marine makes first foray into Indian market

ottomarineSingapore-based Otto Marine Ltd. is making its first foray into the Indian market. Last month it set up a 50:50 joint venture partnership with strategic partner Limin Marine Private Limited. Today, Otto Marine reported the sale of a 40 m Anchor Handling Tug (AHT), Swordfish 3 to the JV  company, Otto Limin Marine Private Limited.

The AHT has been completed at Otto Marine's shipyard in Batam, Indonesia, and is about to leave the yard for its maiden job. It will be deployed in India and will be operated by strategic partner, Limin Marine Private Limited ("Limin"). This is the first time that any vessel under Otto Marine's strategic partnerships is to be deployed in India. 

"Part of the Group's strategy is also to grow through strategic partnerships and this recent development is one of them. We are delighted to enter the India market through our joint venture company with Limin Marine. This will be Otto Marine's maiden entry in India and the vessel Swordfish 3 will be supporting a pipelay barge for offshore construction projects. We are optimistic on our partnership with Limin and hoping that the joint venture will bring more fruitful results," said Mr. Michael See, Chief Financial Officer, Otto Marine.

December 12, 2011

Want more? Subscribe now!

News from NASDAQ