Otto Marine acquires stakes in RSOV, RY Offshore for $8m

Visual from Otto Marine Group website

Otto Marine Ltd, an offshore marine group specialising in the sub-sea and deep sea segment, has entered into two stock purchase agreements for the partial acquisitions of RSOV Marine Pte Ltd and RY Offshore Pte Ltd, for around $8 million.

The group is headquartered in Singapore, with a shipyard located in Batam, Indonesia. The deals were done via it’s indirect wholly owned subsidiary, Supply Fleet Pte Ltd.

The first deal includes the purchase of 35,500 ordinary and fully paid-up shares, or 71 per cent of total issued and paid-up share capital in RSOV Marine.

RSOV Marine is incorporated in Singapore.

The other acquisition is of 7,100 ordinary and fully paid-up shares, or 71 per cent of the total issued and paid-up share capital in RY Offshore, a company incorporated in the British Virgin Islands.

“The consideration for the acquisitions was approximately $8 million and was agreed on a willing-buyer and a willing-seller basis, and taking into account the pro-rated amount of the respective net tangible assets of RSOV Marine and RY Offshore,” the company said in a filing.

The purchase price will be satisfied wholly in cash and settlement shall be upon the fulfillment and/or waiver of certain conditions precedent and on completion of due diligence, it added.

The net value of the all the acquired shares in RSOV and RY Offshore was approximately $11 million. Upon completion of the acquisitions, RSOV Marine and RY Offshore will become indirect subsidiaries of Otto Marine.

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Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.