huge debts carried by Singapore-listed offshore firms, page-32

Otto delists - i predict the same is very likely for Mermaid ahead

Otto Marine sank deeper into the red in the second quarter as it officially delisted from the Singapore Stock Exchange.
The offshore vessel owner reported a net loss of $18.3m, compared to $2.5m in the corresponding period of 2015.
Its quarterly revenue came to $42.18m, around 41% lower than last year’s figure.
Otto explained the weak performance was mainly due to lower vessel utilisation and reduced charter rates.
Meanwhile, the offer from executive chairman Yaw Chee Siew to take the company private appears to have been completed.
Otto said its shares will be removed from the Singapore Stock Exchange today.
The company controls a fleet of around 30 owned and chartered offshore support vessels.