Otto Marine secures shipbuilding contracts worth $8 million

PT Batamec (“Batamec”), a 100%-owned subsidiary of Otto Marine Limited (the “Company”, the “Group”), has secured 2 shipbuilding contracts  worth approximately USD8.0 million for 3200 HP Harbour Tugs (the “Vessels”) from an Indonesian stated-owned company, the Group said in a  press release.
 
The Vessels, which will be operated in the waters of Indonesia, is expected to be delivered in 4Q2017.  
 
The Contracts are expected to have positive contribution to the consolidated earnings per share or consolidated net tangible assets per share of the Group for the financial years ending 31 December 2016 and 31 December 2017 respectively.  
 
Save for their shareholdings in the Company, none of the directors or controlling shareholders of the Company has any interest, whether direct or indirect, on the above Contracts.