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    Otto Marine subsidiary sells seven vessels

    Vessel & ROV News // January 6, 2014

    Otto Marine Limited has announced that its 90 per cent owned subsidiary, Go
    Marine Group Pty Ltd, has entered into a Memorandum of Agreement to sell seven vessels known as GO 4 IT, GO Puriya, GO Shaula, Piparn, Yikara,
    Minotaur
    and Centaur to RSOV Marine Pte Ltd for an aggregate consideration of
    US$10 million.

    Yaw Chee Siew, the company’s Executive Chairman and controlling shareholder, owns a 29 per cent interest in the issued and paid-up share capital of the buyer, with the remainder held by unrelated third party.

     

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