OTTO MARINE LTD 
By (Company Registration Number 197902647M)
(Incorporated with limited liability in the Republic of Singapore on 5 September 1979)
EXERCISE OF OPTION TO ACQUIRE SHARES OF GO MARINE GROUP PTY LTD
The Board of Directors (the "Board") of Otto Marine Limited
(the "Company") refers to the announcement made by the
Company in relation to the Proposed Acquisition (as defined
on the 1
February Announcement) on 1 February 2011 (the "1 February
Announcement").
Unless otherwise defined, all terms used or referred to in
this announcement have the meanings assigned to them in the 1
February Announcement.
Further to the 1 February Announcement, the Board is pleased
to announce that the Company's wholly-owned subsidiary, OVPL,
has issued a notice for conversion of the second tranche of
the Convertible Facility into: (a) 70,604,373 new ordinary
shares; and (b) 2,017,268 new non-voting shares, in the share
capital of Go Marine, at an exercise price of A$1.
Following the conversion of the second tranche of the
Convertible Facility, OVPL will have an approximate effective
shareholding of 55.0% and 49.0% in the enlarged paid-up and
issued ordinary and non-voting shares of Go Marine (on a full
conversion basis) respectively.
The OVPL's higher effective shareholding in the ordinary
shares of Go Marine of approximately 55.0% as compared to the
former estimated shareholding of approximately 49.0% is
attributable to a selective share buyback and capital
reduction exercise undertaken by Go Marine in respect of
20,888,888 ordinary shares held by one of its former
directors.
The Company expects that the conversion of the Convertible
Facility will have a positive contribution to its financial
results for its full year 2011.
None of the directors or controlling Shareholders of the
Company has any interest, whether direct or indirect, in the
transactions described in this announcement other than
through their shareholdings in the Company.
Go Marine is an Australian-incorporated company in the
business of providing of offshore and inshore marine services
to the oil and gas industry. Its core competencies include:
(a) ship management; (b) marine / construction crewing; (c)
marine consultancy; (d) rig moving; and (e) the supply of
anchor handlers, barges, PSV's and tugs to the oil and gas
industry.
BY ORDER OF THE BOARD See Kian Heng
Company Secretary
2 November 2011
