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 secures charter contract for Sea Frost worth approximately US$8.0 million

8,600 bhp Platform Supply Vessel deployed to Australia for rig support work for 152 days

Options to extend for two additional terms

Singapore, 6 February 2014 - Otto Marine Limited, ("Otto Marine" or the "Group"), a leading offshore marine company which owns and operates a large fleet of offshore support vessels, shipyard and offers specialized offshore services, is pleased to announce the confirmation of time charter contract for Platform Supply Vessel ("PSV") - Sea Frost, for approximately US$8.0 million.

Under the contract, which has recently commenced, Sea Frost has been contracted to support the Atwood Eagle rig located in Australia for a period of 152 days. The client, a renowned oil and gas exploration and production company, has the option of extending the contract for an additional two terms based on the same terms and conditions.

Completed in 2013, Sea Frost is the latest addition to the Group's fleet, held under subsidiary Go Marine Group Pty Ltd. Measuring 88.8 meters in length, Sea Frost is an 8,600 bhp PSV with 1,025 square meters of deck space. It is DNV classed and equipped with

dynamic positioning 2 (DP2) technology.

Sea Frost

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"Ship operating and chartering has been a very important aspect of Otto Marine's business and will continue to be our main focus going forward. Sea Frost is a part of our efforts to grow and expand our fleet to comprise of a diverse and comprehensive range of vessels with different tonnages. Improving the fleet profile and maintaining a young fleet will be a continual process in the execution of our strategy to be one of Asia Pacific's leading offshore support vessel charterer." Mr. Garrick Stanley, Chief Executive Officer

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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

Issued for and on behalf of Otto Marine Limited

For more information please contact: Financial PR Pte Ltd

Romil SINGH / KEE Vern Cheng / Kathy ZHANG

Email: romil@financialpr.com.sg/ staff@financialpr.com.sg

Tel: (65) 6438 2990

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