Otto Marine mulls IPO for subsea services unit

It’s focused on widening its international profile.

Offshore marine company Otto Marine Limited, today revealed that it is mulling the listing of its subsea services unit.

The Group has appointed UOB Kay Hian Holdings Limited to advise the Group on strategic options, aimed to develop the international profile and competitive position of its subsea services unit in the increasingly growing segment.

“Such options include but are not limited to a potential listing on the on the Singapore Exchange Securities Trading Limited (“SGX-ST”). The Group remains committed to the business and the review is intended to pursue profitable growth and enhance shareholder value,” noted Otto Marine.

According to Michael See, Group Executive Director, “The exploration of strategic alternatives for Otto Marine demonstrates our commitment to enhancing shareholder value and sharpening our strategic and financial focus. We believe there are avenues that could afford Otto Marine more versatility to make strategic investment decision to
take full advantage of the compelling prospects of the subsea segment and to better position the business for its customers, partners and employees.”