Otto Marine defends against arbitration

Singapore-listed offshore services provider Otto Marine has been advised by its lawyers that the USD8.88 million claim against its wholly owned subsidiary Otto Venture is “vexatious” and that it has a good chance of defending against the arbitration.
The lawyers also advised Otto Marine that the

Austerity drive hits Pacific Radiance

With no signs of a let-up in the austerity measures implemented by oil and gas companies, Singapore-based offshore oilfield service company Pacific Radiance’s earnings over the next two years are likely to be lower than previously anticipated.
UOB Kay Hian Securities said in a report issued on 8

Seoul starts Sewol pre-salvage work

South Korean authorities have begun pre-salvage work for the capsized ferry, Sewol.
The Ministry of Oceans and Fisheries (MOF) said on 7 May that a taskforce comprising itself, the Ministry of Public Safety and Security (MPSS), Korea Institute of Ocean Science and Technology (KIOST), the Republic

Cuba Flaunts Oil Wealth, U.S. Uninterested

By Reuters 2015-05-07 23:46:42 Cuba unveiled new data this week it said confirmed there were billions of barrels of oil beneath its Gulf of Mexico waters but admitted there was little interest in new exploration even with the thaw in U.S. relations. The United States and Cuba have vowed to restore diplomatic relations after more…