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)
For Immediate Release
OTTO MARINE ENTERS ASIA-OCEANIA MARKET
• Establishment of joint venture company in Australia to charter offshore support vessels
Singapore, 8 June 2009 – Otto Marine Limited 1 , a leading offshore marine specialist, announced
its expansion into the Asia-Oceania region through the establishment of a joint venture company in
Australia with Go Marine Group Pty Ltd (“Go Marine”).
Mr. Lee Kok Wah, Group Managing Director of Otto Marine Limited said, “We are pleased to enter
into a partnership with Go Marine, an established marine company in Australia. Through this joint
venture, Otto Marine will build the offshore support vessels which Go Marine will secure charter
agreements for. Leveraging on our complementary strengths, we believe that this joint venture will
be beneficial to both parties.”
Under the terms of the joint venture agreement, Otto Marine will hold 49% of the issued share
capital of the joint venture company through its wholly-owned subsidiary – Otto Ventures Pte. Ltd.,
while Go Marine will hold the remaining 51%.
Commenting on the joint venture, Mr. Yaw Chee Siew, Executive Chairman of Otto Marine said,
“This is a significant step in Otto Marine’s efforts to expand into the Asia-Oceania region, which we
believe holds exciting prospects for the Group in view of the region’s significant oil and gas
resources. The joint venture is also in line with our strategies of expanding our ship chartering
business and penetrating new markets with growth potential to better-position Otto Marine to
capture opportunities from the increasing demand for oil and gas globally.”
The joint venture will be funded by internal resources and is not expected to have any material
impact on Otto Marine’s net tangible assets and earnings per share for the financial year ending 31
December 2009.
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1 “Otto Marine” or the "Company", and together with its subsidiaries, the “Group”
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About Otto Marine Limited
Otto Marine Limited ("Otto Marine" or the "Company") is an offshore marine group engaged in
shipbuilding, ship repair and conversion and ship chartering, with a specialised focus on complex,
sophisticated and environment friendly offshore support vessels. Headquartered in Singapore, the
Company owns and operates what it believes to be one of the largest shipyards in Batam,
Indonesia. Its customers are primarily fleet operators who provide logistics support to offshore
services and equipment companies operating globally in the oil and gas industry.
Otto Marine’s specialised focus has allowed it to build up its expertise in constructing highspecification
offshore support vessels, improve its production quality and efficiency and develop a
competitive cost structure. The focus has also enabled the Company to gain recognition in the
construction of complex and sophisticated 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/ .
The initial public offering of the Company was sponsored by United Overseas Bank Limited and Credit Suisse
(Singapore) Limited (the ‘Issue Managers’). The Issue Managers assume no responsibility for the contents of
this announcement.
Issued for and on behalf of Otto Marine Limited
Media Contact
Weber Shandwick in Singapore
Gerry Wong
Tel: +65 6825 8069, Mobile: +65 9247 4963,
Email: gerry.wong@webershandwick.com
Sabrina Chua
Tel: +65 6825 8010, Mobile: +65 9669 5590,
Email: sabrina.chua@webershandwick.com
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