OTTO MARINE LIMITED

(UEN : 197902647M)

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

GO MARINE GROUP SOLD 7 VESSELS FOR US$10 MILLION


Otto Marine Limited (the "Company") is pleased to announce that its 90% owned subsidiary, Go
Marine Group Pty Ltd has entered into a Memorandum of Agreement dated 31st December
2013 to sell seven (7) vessels known as GO 4 IT, GO Puriya, GO Shaula, Piparn, Yikara, Minotaur and Centaur to RSOV Marine Pte Ltd (the "Buyer") for an aggregate consideration of US$10 million.
Mr Yaw Chee Siew, the Company's Executive Chairman and controlling shareholder, owns a
29% interest in the issued and paid-up share capital of the Buyer, with the remainder held by unrelated third party. Save as disclosed above, none of the directors or controlling shareholders of the Company has any interest, whether direct or indirect, in the above transaction other than through their shareholdings in the Company.
The above transaction is not expected to have a material impact on the consolidated net tangible assets per share or earnings per share of the Company for the financial year ended 31
December 2013.

By Order of the Board

Garrick Stanley
Executive Director and Group Chief Executive Officer
3 January 2014

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