Singapore: Sale of ‘Otto Explorer 3′ Completed

Sale of 'Otto Explorer 3' Completed2

The Board of Directors of Otto Marine Limited announced that, further to the announcement dated 2 April 2013, the sale of the Multi-purpose Field Support and ROV Support Vessel, “Otto Explorer 3” is completed.

The vessel is sold to RY Offshore Limited by the Company’s shipyard, through one of  wholly-owned subsidiaries, for an aggregate consideration of approximately US$50 million.

The above transaction 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 2013.

Otto Marine, May 27, 2013