Otto Marine agrees MOU with port operator regarding fabrication facilityCompany News // January 11, 2016
Otto Marine Limited has announced that its wholly-owned subsidiary, Otto Marine Shipyard Pte Ltd has entered into a Memorandum of Understanding (MOU) with a world-renowned port operator to explore the potential development of a fabrication and marine facility.
The proposed development is located in close proximity to Singapore and to the South East Asia region oil and gas fields. Otto Shipyard currently operates a 65 hectare shipyard through its sister company PT Batamec.
The proposed development will use a fraction of the yard space and is not expected to cause any disruption on PT Batamec’s existing shipyard facilities. It is expected to be fully operational by July 2017.
Commenting on the MOU, Michael See, Group CEO said: "We are enthusiastic about this new partnership with a well-established company and we look forward to a smooth and fruitful collaboration. This is especially uplifting with the continued dreary conditions in the oil and gas industry. The proposed development will provide new avenues which will improve our overall competitiveness and give us an edge in the region.