Otto Marine Enters into Two Charter Agreements

Otto Marine Limited announced that its wholly-owned subsidiary, Koi Marine Limited (KOI) had entered into two bareboat charter agreements to charter two units of 61M Work Maintenance Vessel to its partner Expro Synergy Sdn Bhd.

Expro Synergy Sdn Bhd, the charterer, is a Malaysia incorporated company in which Go Marine Ship Management (S) Pte. Ltd. a 90% owned subsidiary of the company owns 49% of shares in the capital of the Charterer.

KOI chartered the Vessels to the charterer for a six-month charter period with purchase obligation at the end of the charter period.

Otto Marine, September 30, 2013