Troubled Otto Marine Geophysical Subsidiary
Singapore-based Otto Marine Limited informs of two applications by creditors to wind up its Reflect Geophysical Pte Ltd. (Chapter 50). management. The Company will make further appropriate announcement(s) as and when there are material developments on this matter. Shareholders are advised to exercise caution while trading in shares of the Company and refrain from taking any action in respect of their shares which may be prejudicial to their interests.
Otto Marine Profit Warning
Singapore-based Otto Marine & group subsidiaries issue a warning regarding its forthcoming financial results. Losses from its subsidiary Reflect Geophysical Pte. Ltd. Impairment of investment and provision of doubtful debts owing to its subsidiary, Reflect Geophysical Pte. Ltd. Lower utilization of the shipyard mainly due to no new shipbuilding order being secured. This profit warning is based on a preliminary review of the unaudited financial results of the Group. Further details of the Group’s performance will be disclosed when the Company announces its unaudited financial results for the financial year ended 31 December 2012 in due course. Otto Marine Limited is an offshore marine group specialising in the subsea and deep sea segment.
Otto Marine Charters PSV Otto Explorer
Otto Marine Limited announced that it has successfully found a charter for its MT6009 PSV, named Otto Explorer. The vessel will be chartered out to the Group’s subsidiary, Singapore-based Reflect Geophysical Pte Ltd, on a bare boat charter for a contract term of 7+1+1+1 years. The MT6009 PSV, a Multi Purpose Field Support Vessel (Hull 7037), is the first of her kind to be built in Asia on a turnkey basis. The MT6009 PSV is a DNV Class, diesel-electric propelled vessel that is environmentally friendly and provides its crew with comfort class specifications.
