Phillip Securities Research in a Jan 27 research report says: “Otto Marine announced that it is raising $95.0 million from the placement of 220 million new shares at $0.432 per share. 53% of the funds will be used for the specialized offshore services segment, 30% for the expansion of the chartering fleet and the remaining 17% for general working capital.
Posts Tagged ‘Otto’
Otto Marine to raise $95m from share placement
January 26th, 2010 |
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Otto Marine, the offshore marine company which specialises in building offshore support vessels and ship chartering, says it plans to raise gross proceeds of about $95 million from the placement of 220 million new ordinary shares at 43.2 cents per share, or a 9.83% discount to Otto Marine’s volume-weighted average market price of 47.91 cents on Jan 22.
The new shares represent 13.2% of the total number of issued shares of 1.67 million.
About 30% of the net proceeds of $92.6 million will go towards expansion of the group’s chartering fleet, 53% for investment in the group’s specialised offshore services business and 17% for general working capital purposes.
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Otto Marine rated buy
January 13th, 2010 |
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Phillip Securities Research in a Jan 13 research report says: “Otto Marine is an offshore marine group. As most of the shipbuilding orders will be completed in 2010, this will boost the shipbuilding revenue by 36.4% from $394.5 million in FY2009F to $538.0 million in FY2010F. We believe that Otto Marine will have better prospects due to the rebound in oil prices.
Otto Marine gains after Kim Eng recommends ‘buy’
January 11th, 2010 |
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Otto Marine climbed to its highest level since listing in November 2008 after Kim Eng Holdings initiated coverage of the stock with a “buy” rating and share-price forecast of 64 cents.
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Advanced Systems, Bonvests, Otto Marine gain as STI as of 9:21 a.m.
January 11th, 2010 |
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Singapore’s Straits Times Index added 0.6% to 2,939.82 as of 9:21 a.m. Six stocks gained for each that fell on the 30-member gauge. Stocks on the measure trade at 15.9 times estimated earnings, compared with about 10 times at the start of 2009, according to data compiled by Bloomberg. The following shares were among the most active in the market.
Otto Marine says Otto Explorer to be chartered out to gather seismic info
January 6th, 2010 |
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Otto Marine, which builds and charters offshore support vessels, says the vessel Otto Explorer will be leased out to the group’s subsidiary, Singapore-based Reflect Geophysical, on a bare-boat charter for a contract term of 7+1+1+1 years.
Otto Marine to charter out 2 AHTS vessels
November 24th, 2009 |
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Otto Marine says it has entered into two bareboat charter agreement for 10,800 bhp AHTS vessels identified as Hull 7045 and Hull 7046 with Femco Holding and its 100%-owned Cyprus subsidiary.
Otto Marine expects to deliver Hull 7045 on Dec 15 and Hull 7046 on April 15, 2010 from the shipyard in Batam.
Otto Marine unit wins $14m contract to gather offshore seismic data in New Zealand
November 20th, 2009 |
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Otto Marine, the offshore marine company which specialises in building complex, deeper water offshore support vessels and ship chartering, says its subsidiary Reflect Geophysical has won a US$10 million ($13.9 million) to gather offshore seismic information by Crown Minerals, the arm of the Ministry of Economic Development of New Zealand that manages the oil, gas, mineral and coal resources.
Otto, 20-Year-Old Pooch From England, Guinness’ World’s Oldest Dog
October 26th, 2009 |
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Meet Otto of Shrewsbury, England. The lovable dachshund-terrier mix is 20 years and 8 months old — that’s about 145 in dog years — and he’s being certified as the World’s Oldest Living Dog by Guinness World Records.
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Lynn Jones, 53, has owned Otto [...]
Otto Marine proposes rights issue to raise $118.7m
August 21st, 2009 |
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Otto Marine said it plans to raise $118.7 million in a rights issue to fund the expansion of its chartering fleet and for investments. The company will offer shareholders two rights shares for every five held at 25 cents a share, it said in a statement to the stock exchange in Singapore today.
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Aug. 14, 1877: Internal Combustion’s Stroke of Genius
August 14th, 2009 |
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1877: The U.S. Patent Office grants German engineer Nicolaus August Otto a patent for an “improvement in gas-motor engines.” Internal combustion’s time — and timing — have come.
More than a century-and-a-quarter later, we have whole economies, musical subgenres and sports based around what Herr Otto, he of the macaronically ironic name, created.
The first engines (as [...]
Otto Marine terminates shipyard building deal with Chinese municipal government
July 31st, 2009 |
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Singapore-based ship builder Otto Marine said an agreement with a Chinese local government to build a shipyard in China has been terminated.
The agreement, dated Oct 12, 2007, between Otto Marine’s unit and Qidong city of Jiangsu province, was terminated after the local government failed to provide a suitable land for the shipyard within the timeframe agreed by the two parties, Otto Marine said in a statement to the Singapore stock exchange.
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