Otto Marine's shipyard sells a rov support vessel for US$50 million

Otto Marine Limited announces that, further to the announcement dated 2 April 2013, the sale of the Multi-purpose Field Support and ROV Support Vessel, “Otto Explorer 3”, to RY Offshore Limited by the company's shipyard, through one of the company's wholly-owned subsidiaries, Otto Explorer 3 Limited, for an aggregate consideration of approximately US$50 million had been successfully completed, said in the company's press release.

The above transaction is expected to have a positive impact on the consolidated net tangible assets per share or earnings per share of the company for the financial year ending 31 December 2013.