Otto Marine Ltd : Otto Marine Secures Long Term Charter Contract For Its 24,000 bhp AHTS Vessel Worth US$40 Million

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 long term charter contract for its 24,000 bhp AHTS vessel worth US$40 million

• Recently completed at Otto Marine's Batam yard, Go Pegasus will be mobilized to the North Sea in March 2014

Singapore, 7 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 that the Group has secured a charter contract for its 24,000 bhp AHTS vessel, Go Pegasus worth approximately US$40 million including options.

Go Pegasus will soon be mobilized and deployed to the North Sea where she will work for the summer season before commencing its term contract from September 2014. As part of the contract, the client also has options to extend the contract for an undisclosed period.

Construction of Go Pegasus was recently completed at the Group's Batam yard. Go Pegasus is a Norwegian designed and DNV classed anchor handling tug supply ("AHTS") vessel. Equipped with dynamic positioning 2 (DP2) capabilities, the VS491, 24,000 bhp

AHTS is particularly suited for work in harsh environments.

Go Pegasus

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"We are very happy to have secured a sizeable contract for Go Pegasus' maiden project immediately after it joins our fleet. In addition to enhancing our fleet profile, Go Pegasus will aid the Group in strengthening our presence in the North Sea and pave the way for future work in the region. This charter contract is a reflection of the strong interest we are receiving globally for vessels with this tonnage, and we hope to keep Go Pegasus highly utilized on projects around the world." 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: [e-mail]/ [e-mail]

Tel: [phone]

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