Otto Marine Enters into $25.2M Contracts to Supply 2 AHTS Vessels

Singapore-based Otto Marine Limited (the Company) revealed Thursday that the Company’s subsidiary, Go Offshore Pty Limited (Go Offshore) has entered into two long term charter contracts (the Charter Contracts) in respect of two 16,000 brake horsepower (bhp) large Anchor Handling Tugs Supply (AHTS) vessels (the Vessels) with a large Oil and Gas company, worth approximately $25.2 million.

Go Offshore is a wholly-owned subsidiary of the Company’s owned subsidiary, Go Marine Group Pty Ltd (Go Marine).

None of the Directors or controlling shareholders of the Company has any direct or indirect interest on the above transaction other than through their respective shareholding interests, direct or indirect in the Company, Go Offshore or Go Marine.

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 Dec. 31.


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