O&M sector's debt revamp has long way to go

WHEN Marco Polo Marine cobbled together a S$60 million financial rescue package in January, it buoyed hopes that the heavily indebted offshore and marine (O&M) sector could be seeing the light at the end of the tunnel.

This appears illusory; news broke a week ago that Otto Marine had filed for judicial management.

It is evident that embattled O&M players need more than just unequivocal support from their anchor shareholders to ride through the rest of this prolonged downturn.