Singapore: Otto Marine Sells AHTS Vessel

The Board of Directors of Otto Marine Limited announced that the Company or its nominee has entered into a Memorandum of Agreement (the “Agreement”) with Go Marine Group Pty Ltd or its nominee, in respect of the sale of a 8,000 bhp AHTS vessel identified as “GO Rigel” (the “Vessel”) for a consideration of US$24 million.

The Company expects the Vessel to be completed in September 2011.

None of the Directors or controlling shareholders of the Company has any direct or indirect interest in the charter.

The contract is expected to have a positive effect on the net earnings per share or net tangible assets per share of the Company for the financial year ending 31 December 2011.

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Source: Otto Marine,  September 8, 2011;