Corporate digest

Otto Marine

A UNIT of offshore support vessel owner Otto Marine has taken a US$26 million term loan facility from a US investment firm that is linked to one of Otto's directors, the group said on Friday. Craig Foster Pickett, the president of the lender, is a non-executive and non-independent director of Otto. The loan conditions will be breached if one of Otto's controlling shareholders, Yaw Chee Siew, holds less than 51 per cent of Otto, the group added. Mr Yaw's stake was 61.2 per cent as at Friday. The group said that the term loan is for refinancing of a US vessel and for the general working capital of Surf Subsea Inc, in which Otto has an indirect 19.2 per cent stake through wholly owned Surf Subsea Pte Ltd.

Miyoshi