An unnamed firm is looking to buy Singapore’s Otto Marine, an offshore marine group specialising in the subsea and deepsea segment.

Otto Marine revealed on Thursday it has received a letter from RHB Securities Singapore, a financial advisor to a potential buyer, in connection with a potential transaction.

“On behalf of the Offeror, we would like to inform the board of directors of the company that we may initiate a transaction which may or may not lead to an acquisition of the issued share capital of the company,” the letter said.

According to the letter, the advisor will submit a proposal to the board as soon as possible thus revealing the identity of the potential buyer along with the details of the transaction.

The buyer also highlighted there is no assurance the transaction will occur as the firm awaits regulatory clearance.

Otto Marine from its side advised the shareholders to exercise caution when dealing in the shares of the company.