Otto Marine Charters 2 Workboats to Expro Synergy for $32M

Singapore-listed offshore marine firm Otto Marine Limited (the Company) announced Monday that its wholly-owned subsidiary, Koi Marine Limited (KOI) had entered into two bareboat charter agreements (the Charters), valued at $32 million, to charter two units of 61M Work Maintenance Vessel (the Vessels) to Expro Synergy Sdn Bhd (the Charterer), a Malaysia incorporated company in which Go Marine Ship Management (S) Pte. Ltd. a 90 percent owned subsidiary of the Company owns 49 percent of shares in the capital of the Charterer.

KOI chartered the Vessels to the Charterer for a six-month charter period with purchase obligation at the end of the charter period.

None of the Directors or controlling shareholders of the Company has any direct or indirect interest in the Charters.

The Charters are not expected to have a material effect on the net earnings per share or net tangible assets per share of the Company for the financial year ending Dec. 31.

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