Otto Marine enters new markets in Middle East, West and South Africa

News - July 21, 2011

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Otto Marine Limited†has†announced that one of its operating units, Karp Marine Limited, has secured vessel operating contracts worth US$15 million for three of the groupís offshore service vessels.

The contracts also mark the entry of†the group in new markets including the Middle East, West and South Africa with respect to operating vessels in these regions.

The contracts are for time charter for three of Otto Marineís offshore service vessels. One
vessel, Oranda 1, is a 75m, 4,200 bhp maintenance vessel and will be deployed with Leighton Engineering in the Leighton Iraq Project.

The contract forms part of the Iraq Crude Oil Export Expansion Project (ICOEEP) which is
developing offshore loading facilities to enable export capability of 4.5 million barrels of oil per day).

Another of Otto Marineís vessels to be deployed is†Seasafe Salvo, a†61m, 4,000 bhp maintenance vessel and will be deployed in Cameroon with Perenco Rio Del Rey.

The third vessel for which the vessel operating contract has been secured is Seasafe
Supporter,
which is an identical vessel to†Seasafe Salvo. This vessel will be deployed
in South Africa with De Beers Marine (Pty) Limited.

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