OTTO MARINE LTD 
By 9 Tem a sek Bo ule v a r d # 33-01 Su nt ec To wer Two, Si ng a pore 03 8 9 89
Te l: 68 63 23 66 Fax : 62 38 6 8 48
Re gn No : 19 790 26 47M
CANCELLATION OF ORDER H7050
The Board of Directors of Otto Marine Limited (the "Company")
wishes to announce that Otto Offshore Limited has received a
letter dated 27 February 2012 from Mosvold Supply IV Ltd
terminating the shipbuilding contract for the construction of
Hull No. 7050, a 21,000 bhp AHTS vessel (the "Contract") and
demanding, the refund of all advance payments with
interest.
The Company has made provision for the cancellation of the
Contract, and reversed the profits in the financial
statements for the year ended 31 December 2011. This was
announced in the Company's announcement dated 23 February
2011, under "FULL YEAR RESULT ANNOUNCEMENT FY2011" and
"CORRIGENDUM TO THE ANNOUNCEMENT ON THE FULL YEAR RESULTS OF
THE COMPANY". Hence the Company do not expect the
cancellation to have a material impact on the Company's net
earnings per share or net tangible assets for the financial
year ending 31 December 2012.
Otto Offshore Limited will be seeking legal advice in
relation to its legal position on the above matters.
The Company will make further appropriate announcement as and
when there are material developments on this matter.
By Order of the Board Marjorie Wee Company Secretary
28 February 2012
