The Board of Directors of Otto Marine Limited announced that its wholly owned subsidiary, Deep Sea 1 Pte. Ltd. (DS1PL) has entered into a Memorandum of Agreement (MOA) to sell a vessel known as DEEP SEA 1 to PT GO Marine International (GMI), a company incorporated in Indonesia in which it owns 49% for a sum of USD95 million.
The vessel is built in its own shipyard in Batam, 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, DS1PL and GMI.
Shareholders should note that the MOA has no legal or binding effect, and it does not purport to create any legal relations other than to provide a period for the parties to negotiate and enter into formal binding contracts.
Otto Marine, November 1, 2013