Announcement On The Sale Of A Vessel

13 February 2012

The Board of Directors of Otto Marine Limited (the “Company”) is pleased to announce that the Company’s subsidiary has today sold an accommodation and work barge (the “Vessel”) to an unrelated party (the “Buyer”) for the sum of approximately US$28.4 million (the “Purchase Consideration”). 95% of the Purchase Consideration has been paid by the Buyer with the remaining 5% to be paid upon physical delivery of the Vessel on or around mid February 2012.

The sale of the Vessel 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 2012.

Otto Marine press release