Otto Marine goes under judicial management

An Otto marine vessel. Like many other players in the offshore marine sector, Otto Marine took a battering when plunging crude oil prices in 2014 drove down demand for offshore vessels and shipbuilding.
An Otto marine vessel. Like many other players in the offshore marine sector, Otto Marine took a battering when plunging crude oil prices in 2014 drove down demand for offshore vessels and shipbuilding.PHOTO: OTTO MARINE

High Court order gives it six months' breathing space as judicial managers take over

The High Court yesterday 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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A version of this article appeared in the print edition of The Straits Times on March 22, 2018, with the headline 'Otto Marine goes under judicial management'. Print Edition | Subscribe