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.