Otto Marine appoints Michael See as group CEO

SINGAPORE - Mainboard-listed Otto Marine Ltd announced on Thursday that it has appointed its group executive director, Mr Michael See Kian Heng, as its group chief executive officer.

The offshore marine company said its former group CEO, Mr Garrick James Stanley, will take up the role of president of the group's shipping and chartering segment, which is the largest segment contributor of the group.

Reporting to the group CEO, Mr Stanley will be responsible for for overall performance of shipping and chartering and will be accountable for its profitability, growth and sustainability.

Mr See joined the company in 2007 as chief financial officer and senior vice president. He became group CFO and executive vice president in 2012. He was promoted to group executive director last year and will continue as such.

Both appointments are with immediate effect.

Commenting on the appointment, Mr See, the new CEO, said: "The volatility and declining oil prices present a challenging market. With the team we have, I am confident of achieving our goals in spite of the challenges posed by the market."

"We are positive that Mr. Stanley's extensive experience will be an asset to ourshipping and chartering segment."