Otto Marine announces incorporation of subsidiary
The Board of Directors of Otto Marine Limited (the Company) has announced that its subsidiary Go Marine Group Pty. Ltd., has incorporated a Singapore-based wholly-owned subsidiary, the Company said Monday.
Name of the Company : Go Swordfish Private Limited
Paid up Share Capital : US$500.00
Total no. of issued shares : 500
No. of shares subscribed : 500 shares (100%)
Principal Activity : Building of Vessel
The investment in the above subsidiary is funded through internal resources and is not expected to have any material financial impact on the consolidated net tangible assets per share and consolidated earnings per share of the Company and its Group for the current financial year ending 31 December 2011.
Singapore-headquartered Otto Marine Limited is an offshore marine group engaged in Shipbuilding, Repair & Conversion, Ship Chartering and Specialised Services, with focus on complex, sophisticated and environment friendly offshore support vessels. Otto Marine owns and operates one of the largest shipyards in Batam, Indonesia. The Company's customers are primarily fleet operators who provide logistics support to offshore service companies operating globally in the oil and gas industry.