Hoe Leong takes majority stake in Aries Offshore

Singapore: Singapore heavy parts equipment distributor Hoe Leong has taken a 51% stake in Aries Offshore.
Hoe Leong is paying $15.1m  for the stake in the company which owns four anchor handling tugs. The remaining 49% of the company is owned by Otto Marine.
The four vessels are currently on charter and Otto Marine will step in to bareboat charter the vessels should any contracts get terminated within three years of the acquisition by Hoe Leong.  [21/12/10]