OTTO MARINE LTD OTTO MARINE LIMITED
(Company Registration Number 197902647M)
(Incorporated with limited liability in the Republic of Singapore on 5 September 1979)
MEDIA RELEASE - FOR IMMEDIATE RELEASE Otto Marine's Shipyard Delivered Four New-build Vessels Worth a Total Contract Value of USD 36.6 Million· Group's shipyard has built four vessels for PT Pertamina Trans Kontinental, and delivery ceremony was held on March 27, 2015
· The vessels comprised two units of Harbour Tug and two units of AHTS
· The shipbuilding contracts reiterated the importance of the Group's shipyard to benefit from the cabotage market and also to capitalize on the offshore oil & gas market in Indonesia
Singapore, 15 April 2015 - Otto Marine Limited, ("Otto Marine" or the "Group"), a leading offshore marine Group, which owns and operates a large fleet of offshore support vessels with a worldwide presence, complemented by a technically proven shipyard, announced today that its shipyard, PT Batamec, has completed the construction of two units of Harbour Tug and two units of Anchor Handling Tug Supply ("AHTS") for PT Pertamina Trans Kontinental ("PTK").
A delivery ceremony was held for the four vessels on March 27, 2015 at the Group's shipyard in Batam, Indonesia.
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The deliveries consisted of two units of 3000 bhp Harbour Tugs, Patra Tunda 3151 & Patra Tunda 3152, and two units of 5150 bhp AHTS, Transko Balihe & Transko Moloko, for a total contract value of USD 36.6 million.
Commenting on the vessel deliveries, Mr. Michael See, Group Chief Executive Officer, said: "While the Group strives to strengthen our position as a leading OSV operator, our shipyard remains an integral part of the business portfolio. The shipyard continued to tap on the cabotage market in Indonesia, and take selective shipbuilding orders to enhance our revenue base. The successful construction and delivery of the four vessels once again demonstrated Otto Marine's expertise in building quality vessels, as well as our reputation among customers. We look forward to fostering closer business ties with PTK and look forward to more business opportunities. We expect the shipyard to make sustained contribution to the long-term growth of our Group, as it continues to provide fabrication, repairs and conversion services to our customers and to our own fleet, and build vessels for selective shipbuilding orders. "
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About Otto Marine Limited (OTML.SP)
Otto Marine Limited ("Otto Marine" or the "Company") is an offshore marine group, which owns and operates a large fleet of offshore support vessels and is engaged in specialized shipbuilding of offshore vessels for primarily Deep Sea applications. The shipbuilding includes ship repair and conversion.
Headquartered in Singapore, the Company owns/leases and operates 64 offshore vessels and one of the largest shipyards in Batam, Indonesia - one of the most sophisticated yards in Asia Pacific. The yard is building to ABS, DNV and Norwegian class standards. Its customers are primarily deep sea and offshore operators and equipment companies who provide logistics support and offshore services to companies operating globally in the oil and gas industry.
Otto Marine's specialized approach has allowed it to build up its expertise operating a large offshore fleet and through its shipyard constructing high specification deep sea and offshore support vessels. This quality and level of sophistication has enabled the Company - as one of the few in Asia - to gain recognition as a Marine Services company operating a large deepwater fleet of support vessels with its shipyard focusing on its fabrication, ship repair and building for local content requirements of its clients.
Otto Marine was successfully listed on the Main Board of Singapore Exchange Securities Trading Limited (the "SGX-ST") on 28 November 2008. For more information, please visit the Company's website at http://www.ottomarine.com
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Issued for and on behalf of Otto Marine Limited For more information please contact: Financial PR Pte Ltd Otto Marine Limited Romil SINGH / Reyna MEI/ Kathy ZHANG Michael SEE Email : romil@financialpr.com.sgEmail: michaelsee@ottomarine.com : reyna@financiapr.com.sg Tel: (65) 6438 2990 Tel: (65) 6863 2366 Fax: (65) 6438 0064Page 3 of 3
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