Otto Marine: Could see some interest as grp settles long-term contract dispute with GC Rieber Shipping ASA, which has been raising concerns among investors recently. Grp announced that it has entered into a 'mutually beneficial global settlement' with GC Rieber, which includes settling claims from last yr and terminating the joint venture agreement for Polar Marine Pte Ltd (49% owned by Otto Marine and 51 % owned by GC Rieber) which included four vessels…..
As part of the settlement, Otto will take over three of them while GC Rieber will take over the remaining one. Of the three vessels, Otto Offshore had chartered out one and also announced that it had agreed to sell another one for $43.8m. The sale is not expected to have a material impact on the consolidated net tangible assets per share or earnings per share of Otto Marine for FY10......
CIMB just upgraded from underperform to neutral, raises TP to $0.39 from $0.30
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