Hoe Leong to acquire a 51% stake in Aries Offshore Singapore for $20m

Hoe Leong has entered into a conditional sale and purchase agreement with Aries AP to purchase 51% of the issued and paid-up share capital of Aries Offshore Singapore for US$15.1 million ($19.9 million).

The remaining 49% of Aries Offshore is owned by Otto Marine’s wholly-owned subsidiary, Otto Ventures.

Aries Offshore owns four 5,150 bhp anchor handling tug supply (AHTS) vessels which have existing bareboat charter contracts.