The Board of Directors of Otto Marine Limited report that the Company’s subsidiary has sold a 75M work maintenance vessel (the “Vessel”) to an unrelated party (the “Buyer”) for a sum of approximately US$38 million (the “Purchase Consideration”). 10% of the Purchase Consideration has been paid by the Buyer, with the balance to be paid upon delivery of the Vessel which will be around the end of August 2012.

Upon the completion of the sale, the Company’s other subsidiary will enter into a bareboat charter agreement with the Buyer for a charter of the Vessel for a period of 5 years.

Tags: Otto Marine Limited, Otto Marine Limited