Otto Marine to redeem US$70m outstanding notes in full

OFFSHORE marine player Otto Marine, which has been delisted from the Singapore Exchange, will be redeeming its US$70 million of outstanding notes in full by Oct 21.

In a press release on Wednesday, the offshore vessel-builder said noteholders are entitled to redeem the principal and interest accrued to the delisting redemption date in full from Otto Marine on or before Oct 21.

The group has been delisted as of Oct 7, after an offer by its controlling shareholder of S$0.32 a share.

"The challenging market conditions for the offshore & marine industry have rendered issuers into difficulties in meeting their debt-servicing obligations," said the firm. "Otto Marine, although financially stretched as many companies in the industry, would like to make its best effort in committing to its obligations to noteholders as a trust-worthy issuer, in return to the trust and support of the noteholders."