OTTO MARINE LTD 
By (Company Registration Number 197902647M)
(Incorporated with limited liability in the Republic of Singapore on 5 September 1979)
ACQUISITION OF AN ASSOCIATED COMPANY
The Board of Directors of Otto Marine Limited (the "Company") wishes to announce that Go Marine Ship Management (S) Pte. Ltd., a 90% owned subsidiary, has entered into a Shares Sale Agreement with Messrs. Noor Haizam Bin Wasir and Mohd Azmy Bin Khosne (the "Vendors") on 19 August 2013 ("SSA") to acquire 49% of the total issued shares in Expro Synergy Sdn. Bhd. ("Expro Synergy") for a total consideration of RM980,000. ("Proposed Acquisition").
The Board of Directors of the Company wishes to further announce that the Company will be increasing its investment in Expro Synergy by RM147,000 ("Further Investment"). The Company's percentage shareholding is expected to remain at 49% of the total issues shares in Expro Synergy. The Company will issue an updated announcement upon the completion of the Further Investment.
Expro Synergy is a company incorporated in Malaysia on 9 January 2012 and it holds a valuable vessel charter licence to trade with an international state owned oil and gas conglomerate.
Upon completion of the Proposed Acquisition, Expro Synergy will become an associated company of the Company.
The purchase price for the Proposed Acquisition was arrived at on a willing-buyer and a willing-seller basis, and taking into account the pro-rated amount of the net tangible assets of Expro Synergy of RM96,264 as at 31 December 2012 and the goodwill value the Company possesses.
The purchase price for the Proposed Acquisition shall be satisfied wholly in cash and payment shall be made upon the completion of certain conditions precedent and due diligence, which is expected to occur within 28 days of execution of the SSA.
As none of the relative figures computed on the applicable bases as set out in Rule
1006 of the Listing Manual of the Singapore Exchange Securities Trading Limited (the "SGX-ST Listing Manual") are applicable and/or exceeds 5%, the Proposed Acquisition is "Non-discloseable Transaction" for the purpose of Chapter 10 of the SGX-ST Listing Manual.
The Proposed Acquisition is not expected to have any material impact on the net tangible assets or earnings per share of the Company for the financial year ending
31 December 2013.
Save as for their interests arising by way of their shareholdings and/or directorships, as the case may be, in the Company and/or Expro Synergy, none of the Director or substantial shareholder of the Company has any interest, direct or indirect, in the above transaction.
5. Inspection of Documents
A copy of the SSA is available for inspection during the normal business hours at the Company's registered office for 3 months from the date of this announcement.
By Order of the Board
Michael See Kian Heng
Executive Director & Group Chief Financial Officer
21 August 2013
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