Otto Marine in ROV support vessel sale and charter deal

Otto YawAPRIL 2, 2013 — RY Offshore Limited — which is 29 percent owned by Otto Marine Chairman and Group CEO Yaw Chee Siew — is buying the Multi-purpose Field Support and ROV Support Vessel Otto Explorer 3, which is being built at Otto Marine's Batam, Indonesia, shipyard, for $50 million.

Otto Marine Chairman and Group CEO Yaw Chee Siew

On completion of the sale, RY Offshore will charter the vessel to Otto Marine subsidiary Go Marine Group Pty Ltd.

Otto Marine has received a deposit of $1 million from the buyer for the transaction with the balance to be paid on delivery of the vessel to the buyer.

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