Attachment 1 - Otto Marine Limited

OTTO MARINE LIMITED
(Company Registration Number 197902647M)
(Incorporated with limited liability in the Republic of Singapore on 5 September 1979)
MEDIA RELEASE – FOR IMMEDIATE RELEASE
Otto Marine anchors its presence in
Africa with yet another time-charter
contract worth US$10.0 million
ABS-Classed Maintenance and Construction/Accommodation support
vessel, Seasafe Supporter, to be time-chartered for firm 500 days with an
option to extend for 2 months
Chartered to a Dutch company who will deploy vessel towards Gabon,
west coast of Africa for offshore works
In line with the Group’s strategy in expanding its chartering operations in
African waters
Singapore, 16 August 2012 – Otto Marine Limited, (“Otto Marine” or the “Group”), a leading
offshore marine company which specializes in building complex offshore support vessels,
ship chartering and offers specialized offshore services, is pleased to announce that it has
secured a time-charter contract for its Maintenance and Construction/Accommodation
support vessel, Seasafe Supporter, for a firm 500 days with an option to extend for 2
months.
The contract is expected to generate about US$10.0 million for the minimum scheduled
period of the charter.
Seasafe Supporter
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Seasafe Supporter is an ABS-classed support vessel capable of accommodating 90 men. It
is fully equipped with 4-point mooring system, 45 Tonne Deck Pedestal crane with 120 foot
boom and is also DP zero /DP1 capable.
The Group’s wholly-owned subsidiary, Global Workboats, will charter Seasafe Supporter to a
Dutch operator who will in-turn deploy this vessel to support offshore works in Gabon, west
coast of Africa.
Executive Director and Deputy President of Otto Marine, Mr Aw Chin Leng, commented,
“High oil price continues to stimulate E&P activities and demand for offshore support
vessels remain encouraging. We have been working on expanding our ship chartering
arm through increasing our fleet and growing our geographical coverage. Africa is
one of our key target markets and we certainly have made inroads and our presence
felt as we have around eight offshore vessels deployed there.
We remain dedicated in growing our ship chartering business and will continue to
explore vessel deployment to new geographical locations globally.”
Managing Director of Global Workboats, a 100% owned subsidiary of Otto Marine,
specializing in offshore supply vessel operations, Capt. Mike Kelly, commented that “We
are pleased with the progress we made in Africa. With Otto Marine providing us with
high quality assets to expand our existing fleet, we remain confident about achieving
a critical mass to enjoy economies of scale. We will continue to work on maximizing
utilization rates so as to optimize returns moving ahead.”
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About Otto Marine Limited (OTML.SP)
Otto Marine Limited ("Otto Marine" or the "Company") is an offshore marine group engaged in
specialized shipbuilding of offshore vessels for primarily Deep Sea applications. The shipbuilding
includes ship repair and conversion. In addition, Otto Marine is chartering out its own fleet of
sophisticated and environmentally friendly (clean/comfort class) Anchor Handling Tugs and Offshore
Supply vessels for mainly Deep Sea applications. In continuation of its expansion strategy, Otto
Marine is the majority shareholder in the seismic operator, Reflect Geophysical Pte. Ltd..
Headquartered in Singapore, the Company owns and operates one of the largest shipyards in Batam,
Indonesia - one of the most sophisticated yards in Asia Pacific. The yard is building to DNV and
Norwegian class standards. Its customers are primarily deep sea and offshore operators and
equipment companies who provide logistics support and offshore services to companies operating
globally in the oil and gas industry.
Otto Marine’s specialized approach has allowed it to build up its expertise in constructing high
specification deep sea and offshore support vessels, improve its production quality and efficiency and
develop a competitive cost structure. These quality and level of sophistication have enabled the
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Company - as one of the few in Asia - to gain recognition in the construction of complex and
sophisticated deep sea and offshore vessels.
Otto Marine was successfully listed on the Main Board of Singapore Exchange Securities Trading
Limited (the “SGX-ST”) on 28 November 2008. For more information, please visit the Company’s
website at http://www.ottomarine.com
Issued for and on behalf of Otto Marine Limited
For more information please contact:
Financial PR Pte Ltd
Romil SINGH / Sylvia LEE/ Kathy ZHANG
Email: romil@financialpr.com.sg /
staff@financialpr.com.sg
Tel: (65) 6438 2990
Otto Marine Limited
AW Chin Leng
Email: chinleng@ottomarine.com
SEE Kian Heng
Email: michaelsee@ottomarine.com
Tel: (65) 6863 2366
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