High Court orders Otto Marine to be placed under judicial management

Otto Marine group operates a shipyard in Batam, Indonesia, and a fleet of offshore support vessels deployed globally in major oil and gas markets.
Otto Marine group operates a shipyard in Batam, Indonesia, and a fleet of offshore support vessels deployed globally in major oil and gas markets.PHOTO: OTTO MARINE WEBSITE

SINGAPORE - The High Court on Wednesday (March 21) approved an application for Otto Marine to be placed under judicial management, allowing the troubled offshore services provider to stave off liquidation.

Crippled with a debt of US$877 million (S$1.16 billion), Otto Marine had sought the order in a filing last month in a bid to get the company back on its feet.

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