RY Offshore Buys ROV Support Vessel from Otto Marine

The Board of Directors of Otto Marine Limited announces that its shipyard has, through one of the Company’s wholly-owned subsidiaries, sold a Multi-purpose Field  Support and ROV Support Vessel to RY Offshore Limited for an aggregate consideration of approximately US$50 million.

Upon completion of the sale, the Buyer will charter the vessel to the Company’s subsidiary, Go Marine Group Pty Ltd.

The Vessel design MT6009L is from a renowned Norwegian Design house Marin Teknikk and is DNV Classed. The DP2 hybrid diesel electric driven vessel is built at the Company’s shipyard in Batam, Indonesia. The vessel will be handed over to the Buyer following the completion of legal documentation and a final inspection.

Mr Yaw Chee Siew, the Company’s Chairman and Group Chief Executive Officer, owns a 29% interest in the issued and paid-up share capital of the Buyer, with the remainder held by unrelated third parties.

The transactions above are 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.

Press Release, June 28, 2013