Otto Marine shipyard clinches 2 contracts worth roughly $9m

Indonesian client orders new harbour tugs.

In a disclosure to the Singapore Exchange, the Board of Directors of Otto Marine Limited announced that its subsidiary, PT Batamec shipyard has clinched two newbuilding contracts from its repeated reputable Indonesian customer to build two 3000 HP Habour Tugs for a consideration of approximately $9 million.

The Vessels are expected to be completed by fourth quarter of 2014.

The above-mentioned shipbuilding orders are not expected to have a material effect on the consolidated net tangible assets per share or earnings per share of the Company for the financial year ending 31 December 2013.

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