OTTO MARINE LTD (Company Registration Number 197902647M)
(Incorporated with limited liability in the Republic of Singapore on 5 September 1979)
MEDIA RELEASE - FOR IMMEDIATE RELEASE
Otto Marine Appoints Michael See as Group CEO Over the last 8 years, Mr See has served as the Group CFO and recently the Group Executive Director
Former Group CEO, Mr. Garrick James Stanley, is appointed as President
of the Group's Shipping and Chartering segment
Singapore, 2 April 2015 - Otto Marine Limited, ("Otto Marine" or the "Group"), a leading offshore marine company which specialises in building complex offshore support vessels, ship chartering and offers specialised offshore services, has announced today that the Group has appointed existing Executive Director, Mr. Michael See Kian Heng ("Mr. See") as its Group Chief Executive Officer ("Group CEO").
The former Group CEO, Mr. Garrick James Stanley ("Mr. Stanley"), will take up the role of President of the Group's Shipping and Chartering segment, which is the largest segment contributor of the Group.
Reporting to the Group CEO, Mr. Stanley will be responsible for overall performance of Shipping and Chartering and will be accountable for its profitability, growth and sustainability.
Mr. See's Group CEO responsibilities will be supported by the President of Shipyard, President of Shipping and Chartering, Senior Executive VP for Newbuilding, Group Chief Financial Officer, and other members of the senior management team.
The above appointments are effective from 2nd April 2015.
Commenting on the appointment, Mr. Michael See, Group CEO said: "I would like to extend my appreciation to the Board of Directors for their recognition and continual support of me. The volatility and declining oil prices present a challenging market. With the team we have, I am confident of achieving our goals in spite of the challenges posed by the market.
We are positive that Mr. Stanley's extensive experience will be an asset to our shipping and chartering segment."Page 1 of 2
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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 specialised 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 59 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
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