Otto Marine sells interest in Malaysian JV

JUNE 30, 2014 — Singapore listed Otto Marine Limited’s interest in Malaysian JV Go Marine has gone. The offshore services provider says that its 90%-held subsidiary Go Marine Ship Management (S) Pte Ltd, has agreed to sell its entire shareholding interest of 49% in its Malaysian joint venture company, Go Marine Services (M) Sdn Bhd to an outside party.

The book value of the Associated Company as at 31 March 2014 is approximately US$ 0.4 million and the consideration payable by the purchaser for the Transaction is RM 1.47 million (about US$ 0.47 million.

The deal comes close on the heels of Otto’s agreement to sell three AHTS’s to the Malaysian company.