Company Charter Two Workboats To Its Malaysia Partners
Worth Usd32m

30 September 2013

The Board of Directors of Otto Marine Limited (the “Company”) is pleased to announce that its wholly-owned subsidiary, Koi Marine Limited (“KOI”) had entered into two bareboat charter agreements (the “Charters”) to charter two units of 61M Work Maintenance Vessel (the “Vessels”) to Expro Synergy Sdn Bhd (the “Charterer”), a Malaysia incorporated company in which Go Marine Ship Management (S) Pte. Ltd. a 90% owned subsidiary of the Company owns 49% of shares in the capital of the Charterer.

KOI chartered the Vessels to the Charterer for a six-month charter period with purchase obligation at the end of the charter period.

None of the Directors or controlling shareholders of the Company has any direct or indirect interest in the Charters. The Charters are not expected to have a material effect on the net earnings per share or net tangible assets per share of the Company for the financial year ending 31 December 2013.

Otto Marine press release