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    Otto Marine issues profit warning

    Company News // February 9, 2012

    The Board of Directors of Otto Marine Limited issued a profit warning recently regarding
    the financial results of the company and its subsidiaries for the financial year ended 31
    December 2011.

    The group is expected to report a loss for the financial year ended 31 December 2011 compared with a profit for the corresponding period in 2010, largely due to, amongst others, the following:

    • the volatility in foreign exchange rates of Euro dollar against the US dollar
    • reduced revenue from our subsidiary, Reflect Geophysical Pte Ltd, as a result of lower utilization of the seismic vessels operated by Reflect mainly arising from mobilization time

    and

    • reversal of profit recognised for the termination of sales contracts as reported in an announcement on the third quarter ended 30 September 2011.

    The profit warning is based on a preliminary review of the unaudited financial results of the Group.

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