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 commemorates completion of drilling vessel 'Norshore Atlantic' with naming ceremony at Batam yard

• Complete and deliver the highly advanced offshore construction drilling vessel equipped with drilling and well intervention capabilities

• The Norshore Atlantic will work on Asian waters for its maiden projects; subsequently engaged by an oil major on a three year program and is expected to work globally.

• Otto Marine's shipyard operations will complement the Group's chartering expansion plan and leverage on new building opportunities, mainly in the Indonesian market. The yard will also expand its ship repairs, conversion and fabrication program.

Singapore, 28 February 2014 - Otto Marine Limited, ("Otto Marine" or the "Group"), a leading offshore marine company which owns and operates a large fleet offshore support vessels, shipyard and offers specialized offshore services, is pleased to announce that the Group will be holding a vessel naming ceremony for 'Norshore Atlantic' at its Batam

Shipyard, Indonesia, on 28 February 2014.

Norshore Atlantic


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The Norshore Atlantic is one the first of its kind to be successfully constructed by an Asian yard. It is an efficient and environmental friendly multi-purpose drilling vessel built to the MT6022XL Norwegian design. The highly complex vessel classed by DNV is equipped with dynamic positioning 3 ('DP3') capability, and is primarily designed for riserless operation utilizing known and field proven technology. Norshore Atlantic is equipped to perform riserless drilling operations, plugging and abandonment of old wells, well completion work, well intervention and subsea construction work. It has an ROV system installed onboard, and is equipped with a 150T AHC, offshore cranes, and a drilling derrick. The Norshore Atlantic is suitable for work in both shallow and deep water, ranging from 70 to 3000 meters.
For its maiden project, the Norshore Atlantic is contracted in Asian waters. Subsequently, it will be engaged by an oil major on a three year program and is expected to work globally.
Going forward, the Group's shipyard will support the growth of our chartering operations by constructing sophisticated offshore support vessels to join the Otto Marine fleet. In addition, the Batam yard will also leverage on opportunities to construct newbuild vessels for the Indonesian cabotage market, at the same time expanding its ship repairs, conversion and fabrication business.

"The completion of the Norshore Atlantic is a significant milestone for Otto Marine, and for the offshore support vessel industry in the Asia Pacific region. Through Norshore Atlantic and the recently delivered Go Phoenix, we have demonstrated that our yard is capable of constructing ultra-large, highly sophisticated vessels. The learning curve in the construction of these complex vessels shall be put to good use as the Group embarks on an expansion plan for our chartering services. Our enhanced technical capability will also serve us well in securing third party contracts to construct offshore support vessels, particularly for the buoyant cabotage Indonesian market. The Group looks forward to more successful deliveries of ultra- large offshore support vessels in the near term." 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 cleints

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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