OTTO MARINE LIMITED

(Company Registration Number 197902647M)

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

OTTO MARINE DISPOSED 49% SHAREHOLDING IN GO MARINE SERVICES (M) SDN BHD 1. INTRODUCTION

The board of directors (the "Board") of Otto Marine Limited (the "Company") wishes to announce that its 90%-held subsidiary Go Marine Ship Management (S) Pte Ltd, has on 28 June 2014 signed a sale and purchase agreement
("Agreement") to sell its entire shareholding interest of 49% (the "Transaction") in its joint venture company, Go Marine Services (M) Sdn Bhd ("Associated Company"), a company incorporated in Malaysia, to an outside party.

2. BOOK VALUE OF THE ASSOCIATED COMPANY

The book value of the Associated Company as at 31 March 2014 is approximately
US$0.4 million.

3. CONSIDERATION

The consideration payable by the Purchaser for the Transaction is RM1.47 million (the "Consideration") and will be satisfied by cash. The Consideration was arrived at on a willing buyer and willing seller basis, taking into account, inter alia, the net tangible assets of the Associated Company and the prevailing market conditions.

4. INTERSTS OF DIRECTORS

Save for their shareholdings in the Company, none of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the Transaction.
By Order of the Board
Garrick James Stanley
Executive Director and Group CEO
30 June 2014

distributed by