Singapore: Otto Marine Acquires Shares in Aries Offshore

The board of directors of Otto Marine Limited revealed that the Company, its wholly-owned subsidiary, Otto Ventures Pte Ltd, Hoe Leong Corporation Ltd. Aries Offshore Singapore Pte Ltd  and its 4 wholly owned subsidiaries  have entered into a deed of settlement in connection with the termination of their joint venture investment in the Aries Group on 12 February 2014.

Pursuant to the Deed, OVPL will inter alia, acquire HLC’s 51% of the shares in Aries for a consideration of US$1 and the mutual release and discharge of any and all claims which the Otto Entities and HCL may have against each other.

Upon the completion of the acquisition, Aries shall become a wholly-owned subsidiary of the Company and OVPL.

Otto Marine, February 14, 2014

Share this article

Follow World Maritime News

In Depth>


<< Aug 2019 >>
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >