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“Offshore marine industry is moving towards deeper water. Coupled with surging oil prices that will spur exploration activities, demand for platform supply vessels appears to be reviving. Our DNV Class vessels are of high specifications which allow them to weather the roughest sea conditions. We are cautiously optimistic that 2011 will turn out to be a better year for new builds and Otto Marine is well-positioned to benefit from this recovery.” Mr Lee Kok Wah, President cum Group Chief Executive Officer “The above transactions are not expected to have a material impact on the Company’s earnings per share for the year ending 31 December 2011. None of the Directors or substantial shareholders of Otto Marine has any interest, direct or indirect, in the aforesaid transaction save for their shareholdings in the Company.” 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 activity includes ship repair and conversion. In addition, Otto Marine has a chartering fleet which includes sophisticated and environmentally friendly (clean/comfort class) Anchor Handling Tugs and other 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. The yard is building to DNV and Norwegian class standards. Its customers are primarily deep sea and offshore operators and service 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 |
Otto Marine bags another sales; sold Platform Supply Vessel