Indonesia: Sale of Otto Explorer 3 Finalized

 Otto Marine Limited announced that the sale of the Multi-purpose Field Support and ROV Support Vessel, “Otto Explorer 3”, to RY Offshore Limited by the Company’s shipyard, through one of the Company’s wholly-owned subsidiaries, Otto Explorer 3 Limited, for an aggregate consideration of approximately US$50 million had been successfully completed.

The vessel is being built at the Company’s shipyard in Batam, Indonesia and will be handed over to the Buyer following the completion of final inspection.

Upon completion of the sale, the Buyer will charter the vessel to the Company’s subsidiary, Go Marine Group Pty Ltd. The Company has received the deposit of US$1 million from the Buyer for the transaction with the balance to be paid upon delivery of the vessel to the Buyer.

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Press Release, May 27, 2013