AMENDMENTS TO EXCHANGEABLE LOAN AGREEMENT OTTO MARINE LIMITED

(UEN : 197902647M)

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

ANNOUNCEMENT OF REASSIGNMENT OF CHIEF FINANCIAL OFFICER AND PROMOTION OF CHIEF ACCOUNTING OFFICER TO CHIEF FINANCIAL OFFICER

The Board of Directors of Otto Marine Limited (the "Company" or including the group of companies known as the "GROUP") is pleased to announce that Mr. Wee Sien Yang, Denville
("Denville"), currently the Chief Financial Officer ("CFO") of the Company, has been reassigned as CFO for Surf Subsea Pte Ltd ("Surf Subsea Group" or "SURF"), a wholly- owned subsidiary of the Company, with effect from 1 January 2015, as part of the Group's job rotation programme.
Reporting to Michael See, Group Executive Director of the Company, Denville will focus on supporting the Surf Subsea Group. As CFO for Surf Subsea Group, Denville will be responsible for the financial reporting and treasury function, and provide financial advice and support to SURF that will ultimately enable SURF to secure, execute and sustain chartering contracts globally. Denville will also be functionally reporting to the Company's CFO.
The Company is also pleased to announce that Ms. Chong Sieh Jiuan ("Ms. Chong") has
been promoted from Chief Accounting Officer to CFO of the Company with effect from 1
January 2015.
Reporting to Michael See, Group Executive Director of the Company, Ms. Chong will be responsible for the GROUP's financial and management reporting, treasury, internal system of control and procedures, corporate finance, governance and regulatory compliance and contracts review and administration. SJ will also be responsible to provide proactive and timely financial advice and support to the operating businesses units.
Ms. Chong remains as a Company Secretary of the Company.
By Order of the Board
Michael See Kian Heng
Group Executive Director
31 December 2014

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