Singapore-based offshore firm Otto Marine's subsidiary, Otto Ventures (OVPL) has signed a deal with Australia's Go Marine Group that gives OVPL the option to acquire 100 percent of Go Marine in three tranches for a total of AU$20 million (US$20 million).
Go Marine provides offshore and inshore marine services to the oil and gas industry in Australia and around the world.
"Investing in Go Marine fulfills an important linkage in our objective of building a strong chartering fleet as part of our business," commented Lee Kok Wah, President of Ottom Marine. "It also provides us with a strategic platform for providing marine services to the burgeoning Australian oil and gas market.
"This deal is definitely synergistic for both Otto Marine and Go Marine. We have chartered vessels to Go Marine previously and now with their operating and logistics capabilities combined with our shipbuilding, vessel owning and technical expertise, we are in a commanding position to target projects in the robust Australian market having many world class mega oil and gas projects."
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