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Otto Marine Secures US$16.6 million of Contracts in Africa

Otto Marine Limited, a leading offshore marine company that specialises in building complex offshore support vessels, ship chartering and specialised offshore services, Wednesday announced that it has secured ship chartering contracts worth a total of US$16.6 million (about S$20.9 million) with two Anchor Handling Tug Supply (AHTS) vessels in African waters.

One of these is a three-year time-charter contract worth US$14.8 million for its 7,200 bhp AHTS with DP class 2 capabilities “Beluga 2”.

In addition, the group has also secured another four-month contract worth US$1.8 million for its 8,000 bhp AHTS, “Redfish 3”.

Both vessels will be operated by Global Workboats Private Limited and deployed off the coast of Congo in African waters. The two AHTS will service the offshore oil and gas industry and provide offshore support services to rigs and platforms.

Including “Beluga 2” and “Redfish 3”, Otto Marine now has a total of six offshore support vessels deployed in African waters. The previous four vessels already deployed include two 61-metre utility vessels, one 75-metre MV and a 7,200 bhp AHTS.

Executive Director and Deputy President of Otto Marine, Aw Chin Leng, said:

“(The) offshore oil and gas sector remains robust in a number of areas in the African waters and the further expansion in Africa bodes well for Otto Marine’s strategy to strengthen the ship chartering arm. Our presence in Africa now boasts six offshore vessels and we will continue to leverage on Otto Marine’s unique position in the African waters to gain a stronger foothold there. In addition to strengthening the position in existing locations, we are also committed to evaluating prospects across new geographical locations.”

Otto Marine Limited closed Wednesday at S$0.089.


Golden Agri-Resources Incorporates Hong Kong Subsidiary

Golden Agri-Resources Ltd Wednesday announced the incorporation of a wholly-owned subsidiary, Golden Pacific Resources Investment Limited (GPRIL), which is established in Hong Kong with an initial issued and paid up share capital of HK$1 comprising one ordinary share.

The principal activity of GPRIL is investment holding.

Golden Agri-Resources Ltd closed Wednesday at S$0.670.


Natural Cool Files Summons in High Court

In a filing with the SGX on Wednesday, Natural Cool Holdings Limited provided an update relating to the fire at the group’s property at 20 Benoi Crescent, Singapore, in September last year.

Natural Cool said it filed an Originating Summons in the High Court of Singapore on 11 May 2012 against China Taiping Insurance (Singapore) Pte Ltd regarding the insurance policy for the property taken by the group.

It seeks a declaration, among others, that the fire that occurred at the property is a valid risk insured under the policy, that China Taiping is liable to the group under the policy with respect to the fire and that the group is not in breach of certain conditions of the policy.

Natural Cool said it continues to assess the financial impact of the fire and has not completed its assessment.

It added that it will announce any material developments on the matter in due course.

Natural Cool Holdings Limited closed Wednesday at S$0.075.


Tiong Seng Opens Singapore’s First Automated Precast Manufacturing Facility

Mainboard-listed construction group Tiong Seng Holdings Limited Wednesday announced the official opening of its S$36-million Tiong Seng Prefab Hub – the first automated precast manufacturing facility in Singapore.

The opening was launched by Guest of Honour Tharman Shanmugaratnam, Singapore’s deputy prime minister and finance minister.

The Prefab Hub also received a S$1-million funding under the Building and Construction Authority’s (BCA) Construction Productivity and Capability Fund.

Pek Lian Guan, Tiong Seng’s CEO, said: “The opening of the Prefab Hub is a significant milestone in response to the government’s initiatives towards productivity-driven economic growth for Singapore. BCA has an extensive roadmap to transform the construction sector into one that is highly integrated and technologically advanced in the next eight years, so we are pleased that we have a head start. The Prefab Hub would enable Tiong Seng to leverage and capitalise on the opportunities that will arise from the government’s drive towards higher productivity in the construction industry.”

According to Tiong Seng, the facility reduces labour requirements by between 50 per cent and 70 per cent.

It is also capable of operating a 24-hour production process to boost its output to meet the expected rising demand for precast components.

In addition, it can perform “Just-in-Time” delivery, which would trim storage costs, Tiong Seng said.

Tiong Seng Holdings Limited closed Wednesday at S$0.205.


BH Global Increases Stake in Subsidiary

BH Global Marine Limited Wednesday announced that it has acquired an additional 20-per cent equity interest, comprising 400,000 ordinary shares, in the capital of its 60-per cent-owned Singapore subsidiary, Long Life Holding Pte Ltd (LLH), for a cash consideration of S$450,000, from an existing shareholder.

Following the transaction, LLH will become an 80-per cent-owned subsidiary of the company.

BH Global said the acquisition was funded entirely through internal resources and is not expected to have any material impact on its consolidated net tangible assets and earnings per share for the financial year ending 31 December 2012.

BH Global Marine Limited closed Wednesday at S$0.199.


Technics Unit to Acquire Vietnamese Company

Technics Oil & Gas Limited Wednesday announced that its wholly-owned subsidiary, Technics Offshore Engineering Pte Ltd, has entered into a sale and purchase agreement with Vina Offshore Holdings Pte Ltd in relation to the proposed acquisition of the entire share capital of Vietnam Offshore Fabrication & Engineering Co Ltd (VOFE).

Incorporated in Vietnam, VOFE has a share capital of VND53.36 billion (about S$3.2 million) as of 16 May 2012.

It is involved in processing and manufacturing equipments for the oil, gas and maritime fields; design and repair works; and supplying engineering consultancy services for the maritime industry.

It is also licensed to import and export for oil and gas equipments under Vietnamese law.

The aggregate consideration for the proposed acquisition is the net tangible asset value of VOFE as set out in the audited accounts for the financial year ending December 2011 plus 10 per cent not exceeding S$10 million.

Technics said it will fund the cash component of the purchase price using existing cash resources and / or bank borrowings.

Explaining the proposed transaction, Technics said the move is in line with the group’s business strategy to expand into regional markets and other servicing businesses.

It added that the move will also allow it to expand its physical presence in Vietnam where VOFE has a purpose built fabrication and engineering complex.

Technics said the proposed transaction is not expected to have any material impact on its net tangible assets and earnings per share for FY2012.

Technics Oil & Gas Limited closed Wednesday at S$0.915.