Otto Marine sold one offshore vessel to its JV Company and also ...
Otto Marine sold one offshore vessel to its JV Company and also ...
Otto Marine sold one offshore vessel to its JV Company and also ...
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OTTO MARINE LIMITED<br />
(<strong>Company</strong> Registration Number 197902647M)<br />
(Incorporated with limited liability in the Republic of Singapore on 5 September 1979)<br />
MEDIA RELEASE – FOR IMMEDIATE RELEASE<br />
<strong>Ot<strong>to</strong></strong> <strong>Marine</strong> <strong>sold</strong> <strong>one</strong> <strong>offshore</strong><br />
<strong>vessel</strong> <strong>to</strong> <strong>its</strong> <strong>JV</strong> <strong>Company</strong> <strong>and</strong> <strong>also</strong><br />
breaks in<strong>to</strong> the India market<br />
� Sold a 40 meters AHT <strong>to</strong> <strong>its</strong> Joint Venture <strong>Company</strong>, <strong>Ot<strong>to</strong></strong> Limin <strong>Marine</strong><br />
Private Limited<br />
� The <strong>vessel</strong> is ready <strong>and</strong> will be leaving <strong>Ot<strong>to</strong></strong> <strong>Marine</strong>’s yard very soon <strong>to</strong> be<br />
deployed in India<br />
� This is <strong>Ot<strong>to</strong></strong> <strong>Marine</strong>’s first foray in<strong>to</strong> the Indian market <strong>and</strong> <strong>its</strong> strategic<br />
partner, Limin <strong>Marine</strong> will be operating the <strong>vessel</strong><br />
Singapore, 12 December 2011 – <strong>Ot<strong>to</strong></strong> <strong>Marine</strong> Limited, (“<strong>Ot<strong>to</strong></strong> <strong>Marine</strong>” or the “Group”), a<br />
leading <strong>offshore</strong> marine company which specializes in building complex <strong>offshore</strong> support<br />
<strong>vessel</strong>s, ship chartering <strong>and</strong> offers specialized <strong>offshore</strong> services, is pleased <strong>to</strong> announce that<br />
it has <strong>sold</strong> a 40 meters Anchor H<strong>and</strong>ling Tug (AHT), “SWORDFISH 3” <strong>to</strong> <strong>its</strong> joint venture<br />
company, <strong>Ot<strong>to</strong></strong> Limin <strong>Marine</strong> Private Limited (“<strong>JV</strong> <strong>Company</strong>”).<br />
“SWORDFISH 3” has been completed at <strong>Ot<strong>to</strong></strong> <strong>Marine</strong>’s yard in Batam <strong>and</strong> is about <strong>to</strong> leave<br />
the yard for <strong>its</strong> maiden job <strong>and</strong> will be deployed in India. The <strong>vessel</strong> will be operated by the<br />
Group’s strategic partner, Limin <strong>Marine</strong> Private Limited (“Limin”). This is the first time that<br />
any <strong>vessel</strong> under <strong>Ot<strong>to</strong></strong> <strong>Marine</strong>’s strategic partnerships is <strong>to</strong> be deployed in India.<br />
(Limin is in the business of ship owning, managing <strong>and</strong> operating, ship brokering, ship<br />
building <strong>and</strong> repair <strong>and</strong> shipping agency. In November 2011, <strong>Ot<strong>to</strong></strong> <strong>Marine</strong> <strong>and</strong> Limin<br />
incorporated the <strong>JV</strong> <strong>Company</strong> with a 50-50 equity interest each <strong>and</strong> the <strong>JV</strong> <strong>Company</strong> is <strong>to</strong><br />
carry on business in the ownership <strong>and</strong> operation of <strong>vessel</strong>s.)<br />
“Part of the Group’s strategy is <strong>also</strong> <strong>to</strong> grow through strategic partnerships<br />
<strong>and</strong> this recent development is <strong>one</strong> of them. We are delighted <strong>to</strong> enter the India<br />
market through our joint venture company with Limin <strong>Marine</strong>. This will be <strong>Ot<strong>to</strong></strong><br />
<strong>Marine</strong>’s maiden entry in India <strong>and</strong> the <strong>vessel</strong> SWORDFISH 3 will be supporting<br />
a Pipelay Barge for Offshore Construction projects. We are optimistic on our<br />
partnership with Limin <strong>and</strong> hoping that the joint venture will bring more fruitful<br />
results.”<br />
Mr Michael See, Chief Financial Officer, <strong>Ot<strong>to</strong></strong> <strong>Marine</strong><br />
---- The End ----<br />
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About <strong>Ot<strong>to</strong></strong> <strong>Marine</strong> Limited (OTML.SP)<br />
<strong>Ot<strong>to</strong></strong> <strong>Marine</strong> Limited ("<strong>Ot<strong>to</strong></strong> <strong>Marine</strong>" or the "<strong>Company</strong>") is an <strong>offshore</strong> marine group engaged in<br />
specialized shipbuilding of <strong>offshore</strong> <strong>vessel</strong>s for primarily Deep Sea applications. The shipbuilding<br />
includes ship repair <strong>and</strong> conversion. In addition, <strong>Ot<strong>to</strong></strong> <strong>Marine</strong> is chartering out <strong>its</strong> own fleet of<br />
sophisticated <strong>and</strong> environmentally friendly (clean/comfort class) Anchor H<strong>and</strong>ling Tugs <strong>and</strong> Offshore<br />
Supply <strong>vessel</strong>s for mainly Deep Sea applications. In continuation of <strong>its</strong> expansion strategy, <strong>Ot<strong>to</strong></strong><br />
<strong>Marine</strong> is the majority shareholder in the seismic opera<strong>to</strong>r, Reflect Geophysical.<br />
Headquartered in Singapore, the <strong>Company</strong> owns <strong>and</strong> operates <strong>one</strong> of the largest shipyards in Batam,<br />
Ind<strong>one</strong>sia - <strong>one</strong> of the most sophisticated yards in Asia Pacific. The yard is building <strong>to</strong> DNV <strong>and</strong><br />
Norwegian class st<strong>and</strong>ards. Its cus<strong>to</strong>mers are primarily deep sea <strong>and</strong> <strong>offshore</strong> opera<strong>to</strong>rs <strong>and</strong><br />
equipment companies who provide logistics support <strong>and</strong> <strong>offshore</strong> services <strong>to</strong> companies operating<br />
globally in the oil <strong>and</strong> gas industry.<br />
<strong>Ot<strong>to</strong></strong> <strong>Marine</strong>’s specialized approach has allowed it <strong>to</strong> build up <strong>its</strong> expertise in constructing high<br />
specification deep sea <strong>and</strong> <strong>offshore</strong> support <strong>vessel</strong>s, improve <strong>its</strong> production quality <strong>and</strong> efficiency <strong>and</strong><br />
develop a competitive cost structure. This quality <strong>and</strong> level of sophistication has enabled the<br />
<strong>Company</strong> - as <strong>one</strong> of the few in Asia - <strong>to</strong> gain recognition in the construction of complex <strong>and</strong><br />
sophisticated deep sea <strong>and</strong> <strong>offshore</strong> <strong>vessel</strong>s.<br />
<strong>Ot<strong>to</strong></strong> <strong>Marine</strong> was successfully listed on the Main Board of Singapore Exchange Securities Trading<br />
Limited (the “SGX-ST”) on 28 November 2008. For more information, please visit the <strong>Company</strong>’s<br />
website at http://www.ot<strong>to</strong>marine.com<br />
The initial public offering of the <strong>Company</strong> was sponsored by United Overseas Bank Limited <strong>and</strong> Credit<br />
Suisse (Singapore) Limited (the ‘Issue Managers’). The Issue Managers assume no responsibility for<br />
the contents of this announcement.<br />
Issued for <strong>and</strong> on behalf of <strong>Ot<strong>to</strong></strong> <strong>Marine</strong> Limited<br />
For more information please contact:<br />
Financial PR Pte Ltd <strong>Ot<strong>to</strong></strong> <strong>Marine</strong> Limited<br />
Romil SINGH / Sylvia LEE/ Kathy ZHANG Michael SEE<br />
Email: romil@financialpr.com.sg / Email: michaelsee@ot<strong>to</strong>marine.com<br />
staff@financialpr.com.sg Tel: (65) 6863 2366<br />
Tel: (65) 6438 2990 / Fax: (65) 6438 0064<br />
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