Otto Marine considering options for subsea services division

SINGAPORE - Offshore marine company Otto Marine has hired UOB Kay Hian Holdings to advise it on how to grow its subsea services division, the Singapore-listed group said on Monday.

The aim is to "develop the international profile and competitive position of its subsea services unit in the increasingly growing segment", it added.

The group will look at strategic options including a potential listing on the Singapore Exchange.

"The exploration of strategic alternatives for Otto Marine demonstrates our commitment to enhancing shareholder value and sharpening our strategic and financial focus," said Otto's group executive director Michael See.

"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."