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• Placement is expected to receive significant interest from investors • Funds will be utilized mainly for expanding its new Specialised Offshore Services business and expansion of it ship chartering fleet Singapore, 26 January 2010 – Otto Marine Limited, (“Otto Marine” or the “Group”), a leading offshore marine company which specializes in building complex offshore support vessels and ship chartering, is pleased to announce that it intends to raise gross proceeds of about S$95.0 million via the placement of 220 million new ordinary shares at S$0.432 per share. The new shares represent approximately 13.2% of the total number of issued shares of 1,670,429,000. The share placement represents a discount of approximately 9.83% to Otto Marine’s volume-weighted average market price of S$0.4791 on 22 January 2010. Share placement agent Kim Eng Securities Pte. Ltd has entered into a securities lending agreement with Mr. Yaw Chee Siew, the Executive Chairman of the Group, for 220 million shares in order to facilitate the placement. The placement will allow the Group to raise estimate net proceeds of up to S$92.6 million. Otto Marine intends to allocate the Net Proceeds in the following manner: • 30% for the expansion of the Group’s chartering fleet • 53% for investment in the Group’s Specialised Offshore Services business • 17% for general working capital purposes Mr Lee Kok Wah, Group Managing Director: "We are very pleased that the share placement received strong support from the investment community. With these proceeds we will be able to accelerate our growth in our new Specialised Offshore Services business and expand our ship chartering fleet." Completion of the placement is subject to in-principal approval from SGX-ST for the listing and quotation of the 220 million new shares. About Otto Marine Limited (OTML.SP) Otto Marine Limited ("Otto Marine" or the "Company") is an offshore marine group engaged in specialized shipbuilding of offshore vessels for primarily Deep Sea applications. The shipbuilding includes ship repair and conversion. In addition, Otto Marine is chartering out its own fleet of sophisticated and environmentally friendly (clean/comfort class) Anchor Handling Tugs and Offshore Supply vessels for mainly Deep Sea applications. In continuation of its expansion strategy, Otto Marine is the majority shareholder in the seismic operator, Reflect Geophysical. Headquartered in Singapore, the Company owns and operates one of the largest shipyards in Batam, Indonesia - one of the most sophisticated yards in Asia Pacific. The yard is building to DNV and Norwegian class standards. Its customers are primarily deep sea and offshore operators and equipment companies who provide logistics support and offshore services to companies operating globally in the oil and gas industry. Otto Marine’s specialized approach has allowed it to build up its expertise in constructing high specification deep sea and offshore support vessels, improve its production quality and efficiency and develop a competitive cost structure. This quality and level of sophistication has enabled the Company - as one of the few in Asia - to gain recognition in the construction of complex and sophisticated deep sea and offshore vessels. Otto Marine was successfully listed on the Main Board of Singapore Exchange Securities Trading Limited (the “SGX-ST”) on 28 November 2008. For more information, please visit the Company’s website at http://www.ottomarine.com Otto Marine 
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