Otto Marine charter two workboats to its Malaysia partners worth USD32mln

The Board of Directors of Otto Marine Limited announces that its wholly-owned subsidiary, Koi Marine Limited (“ KOI ”) had entered into two bareboat charter agreements  to charter two units of 61M Work Maintenance Vessel to Expro Synergy Sdn Bhd, a Malaysia incorporated company in which Go Marine Ship Management (S) Pte. Ltd. a 90% owned subsidiary of the Company owns 49% of shares in the capital of the Charterer. KOI chartered the Vessels to the Charterer for a six-month charter period with purchase obligation at the end of the charter period. None of the Directors or controlling shareholders of the Company has any direct or indirect interest in the Charters. The Charters are not expected to have a materi al effect on the net earnings per share or net tangible assets per share of the Company for the financial year ending 31 December 2013, the Company said in a press release.