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4 April 2016 Otto Marine Limited (the “Company”) wishes to announce that it has signed a Memorandum of Agreement (“MOA”) to sell a Work Maintenance Vessel known as SOC ENDEAVOUR (the “Vessel”) to an outside party through its wholly owned subsidiary, Koi Marine Limited (“Koi Marine”). The sale of the Vessel will reduce its inventory on hand and is part of the ordinary course of business of the shipyard business. None of the Directors or Controlling Shareholders or Substantial Shareholders of the Company has any interest, direct or indirect, in the abovementioned agreement save for their directorships and/or shareholdings in the Company. The transaction above is expected to have a positive impact on the consolidated net tangible assets per share or earnings per share of the Company for the financial year ending 31 December 2016. By Order of the Board Michael See Kian Heng Group Chief Executive Officer and Group Executive Director Otto Marine press release |
