OTTO MARINE LIMITED

(Company Registration Number 197902647M)

(Incorporated with limited liability in the Republic of Singapore on 5 September 1979)

COMPANY UPDATE


All capitalised terms used in this announcement shall assume the same meanings as ascribed to
them in the Company's announcement dated 7 May 2015 (the "Announcement").
Further to the Announcement and a subsequent announcement dated 18 May 2015, the Company wishes to announce that the Claimants have filed their statement of case for the Arbitration where the total amount of losses claimed have been reduced from US$8.88 million to US$7.03 million on the basis of a different computation.
This development does not change the Company's approach to defending the Claim. Regardless of the amount claimed, the Company remains of the view that the Claim is vexatious, the likelihood of the entire amount of the Claim being successful is low and the Claimants still have not fully justified the quantum of the Claim.
The Company will make such further announcements as and when material developments in the present matter arise.
The Company has taken all reasonable care to ensure that the facts stated in this announcement are fair and accurate in all material aspects as at the date hereof and that no material facts have been omitted from this announcement.

Submitted by

Noraini Latiff

Joint Company Secretary

29 June 2015

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