Otto Marine completes $50m sale of ROV Support Vessel

Transaction expected to boost EPS.

The Board of Directors of Otto Marine Limited (the “Company”) is pleased to announce that the sale of the Multi-purpose Field Support and ROV Support Vessel, “Otto Explorer 3”, to RY Offshore Limited by the Company’s shipyard, through one of the Company’s wholly-owned subsidiaries, Otto Explorer 3 Limited, for an aggregate consideration of approximately US$50 million had been successfully completed.

The deal was previously announced on April 2. The vessel is being built at Otto Marine's Batam, Indonesia shipyard.

The above transaction is 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.