Penguin pledges S$10m to debt-laden Marco Polo Marine

Singapore

PENGUIN International's executive chairman Jeffrey Hing said that the listed entity has pledged S$10 million as "a passive investor" in debt-laden Marco Polo Marine though it is confident that the latter stands to turn around with S$60 million of new equity from nine investors.

Crew boat-focused Penguin has pledged to inject S$10 million of equity into offshore support vessel (OSV) owner-operator and builder Marco Polo, with Mr Hing contributing S$2 million of the investment sum. Penguin, standing as the only offshore and marine (O&M) player among the nine investors, will pick up a 10 per cent stake in Marco Polo's enlarged share capital plus a board seat.

With Marco Polo having slipped into negative equity, Penguin's move however, has t…