Profit Warning For The Third Quarter Ended 30 September 2011

28 October 2011

The Board of Directors of Otto Marine Limited (the “Company”) wishes to issue a profit warning regarding the financial results of the Company and its subsidiaries (the “Group”) for the third quarter ended 30 September 2011 (“Q3”).

The Group is expected to report a loss for Q3 compared with a profit for the corresponding period in 2010, largely due to, amongst others, the following:

i. the volatility in foreign exchange rates of Euro dollar against the US dollar; and

ii. reduced revenue from our subsidiary, Reflect Geophysical Pte. Ltd. (“Reflect”) as a result of lower utilization of the seismic vessels operated by Reflect mainly arising from mobilization time.

This profit warning is based on a preliminary review of the unaudited financial results of the Group. Further details of the Group’s performance will be disclosed when the Company announces its unaudited financial results for Q3 in due course.

BY ORDER OF THE BOARD
See Kian Heng
Company Secretary
28 October 2011

Otto Marine press release