OTTO MARINE LIMITED

(UEN : 197902647M)

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

Exploration of strategic options to develop subsea business

Otto Marine Limited (the "Company") wishes to announce that the Company is currently exploring available strategic options to facilitate the expansion of its subsea operations business (the "Subsea Expansion") which includes (a) providing light construction services in deepwater Oil and Gas field developments, while performing inspection, maintenance and repair ("IMR") on existing and expanding subsea developed regions, and (b) providing specialised subsea vessels on long term charter in specific regions in support of subsea developments. The options include a potential listing of one of its wholly owned subsidiaries, Surf Subsea Pte Ltd, on the Singapore Exchange Securities Trading Limited. The Company has appointed UOB Kay Hian Holdings Limited to explore, and to advise it on the feasibility of such listing.
The Board wishes to highlight that the exploration of any strategic options to achieve the Subsea Expansion is in its preliminary stages. As such, there is currently no specific time frame in respect of achieving the Subsea Expansion and/or the potential listing.
The fulfillment of the Subsea Expansion will be dependent on a variety of factors, including the feasibility of the strategic options, prevailing market conditions and the Company's circumstances. There is no assurance or certainty that the Subsea Expansion and/or the potential listing will materialise. The Company will keep the market and its shareholders updated on material developments as and when appropriate.
Shareholders are advised to refrain from taking any action in respect of their shares in the Company which may be prejudicial to their interests, and to exercise caution when dealing or trading in the shares of the Company.
See Kian Heng
Group Executive Director
25 August 2014

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