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Otto Marine raises S$95m

Otto Marine raises S$95m

Singapore: Otto Marine has successfully raised S$95m through a share placement as it looks to grow its offshore services division. Investors in the share placement include veteran Singapore businessman Tan Boy Tee, the owner and founder of Labroy Marine until selling out to Drydocks World. "The bulk of the newly raised proceeds will fund the growth of our specialised offshore services business, which we are confident will soon rival our shipbuilding and ship chartering businesses," said Lee Kok Wah managing director of Otto Marine. The Singapore-listed company owns and operates Batamec Shipyard in Batam, Indonesia. [05/02/10]

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