Otto Marine Limited announced today that Otto Ventures Pte. Ltd (“OVPL”), a wholly-owned subsidiary of the Company had entered into a Joint Venture Agreement with Limin Marine Private Limited .
Limin is in the business of ship owning, managing and operating, ship brokering, ship building and repair and shipping agency.
Under the terms of the Joint Venture Agreement, OVPL and Limin incorporated a joint venture company (“JV company”), Otto Limin Marine Private Limited in Singapore, with a combined investment of US$600,000 in equity capital for a 50-50 interest each. The JV company will carry on business in the ownership and operation of vessels.
Otto Ventures Pte. Ltd. operates as an investment holding company and through its subsidiary Reflect Geophysical, provides marine geophysical services for the oil and gas exploration industry in the Asia Pacific region. Otto Ventures Pte. Ltd. was formerly known as Rig Ventures Pte. Ltd. The company was incorporated in 2006 and is based in Singapore.
Offshore Energy Today Staff , November 30, 2011; Image: Reflect Geophysical