Otto Marine

Otto Marine: Group announced a sale & leaseback agreement for $50m to Ry Offshore Ltd for its multi-purpose field support and ROV support vessel. The vessels will be chartered to Otto's subsidiary Go Marine Group after the sale. Separately, Otto proposed a renounceable 45-for-100 rights issue of 1,280.8m shares at an exercise price of $0.05 per rights share. Net proceeds of $62.8m will be solely used for repayment of bank borrowings to reduce its gearing.