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700 600 500 400 300 200 100 0 Graph 6: AHTS existing fleet and on order 5,000 - 7,999 BHP 8,000 - 9,999 BHP 10,000 -13,999 BHP >14,000 BHP EXISTING FLEET TOTAL VESSELS ON ORDER Graph 7 below shows that more powerful vessels (� 10,000 BHP) are being built and that they represent a significant proportion of the orderbook at approximately 50%. >14,000 BHP 30% 10,000 -13,999 BHP 20% Graph 7: 2008-2011 AHTS Orderbook by BHP 5,000 - 7,999 BHP 43% 8,000 - 9,999 BHP 7% The vast majority of the first vessels built during the 1960’s, 70’s and early 80’s are what Seascope now class as small AHTS vessels with less than 7,999 BHP. Traditionally this size of ship was the backbone of the fleet. This was at a time when oil and gas exploration within continental shelves had not ventured into the deep-water realms that dominate the market today. Many of the newer vessels in this fleet size are currently being built in South East Asia such as Jaya in Singapore and Indonesia, Britoil in Indonesia, Labroy in Singapore, Nam Cheong in Malaysia, Otto Marine in Singapore and Indonesia, and Pan United in Singapore and Indonesia. Ten shipyards, which have an approximate 56% market share of the global order book in AHTS vessel construction, are displayed in Graph 8. Of these, Dubai Drydocks, Aker and Nam Cheong have the largest 86
share, with Dubai Drydocks combining the Singapore and Indonesia operations of both Pan-United and Labroy, Aker yards building in Norway, Vietnam and Brazil and Nam Cheong yards building in China and Malaysia. The remaining 44% of the global order book is shared by more than 35 yards, more than half of which are built in Asia, predominantly in China. Yangzhou Dayang (China) 8% ABG Shipyard (India) 10% Graph 8: Major players in AHTS vessels construction currently on order Kleven Verft (Norway) 6% Fincantieri (Italy) 6% Otto Marine (Singapore & Indonesia) 11% Jaya (Indonesia, Singapore & China) 5% Sinopacific Group (China) 12% Dubai Drydocks (Pan- United & Labroy) 15% Aker (Norway, Vietnam and Brazil) 13% Nam Cheong (China and Malaysia) 14% Graph 9 illustrates the number of small AHTS vessels from 5,000BHP but less than 7,999 BHP built from 1969-2007 and expected to be built from 2008-2011, while Graph 10 shows the number of small AHTS vessels from 8,000 BHP but less than 9,999 BHP built from 1971-2007 and expected to be built from 2008-2011. The line graph illustrates the total fleet size between 1969-2007 and expected total fleet size between 2008-2011. Number of vessels built in given year 100 90 80 70 60 50 40 30 20 10 0 1969 1971 1973 1975 1977 1979 Graph 9: Age Profile AHTS 5,000 � 7,999 BHP 1981 1983 1985 1987 1989 1991 Year Built 87 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 800 700 600 500 400 300 200 100 0 Total fleet size
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OTTO MARINE LIMITED PROSPECTUS DATE
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Our Financial Highlights Over the l
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Our Strategies We intend to consoli
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NOTICE TO INVESTORS. ..............
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All references to the “Latest Pra
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CORPORATE INFORMATION Board of Dire
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United Overseas Bank Limited 80 Raf
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SUMMARY The following summary is qu
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Strategies We intend to consolidate
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The Offering The Issuer ...........
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on the SGX-ST will be in Singapore
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Consolidated Balance Sheets As at A
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INDICATIVE TIMETABLE The indicative
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Risks Relating to Our Business and
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companies and their affiliates acco
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more of the administrative tasks an
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Labour problems may disrupt our ope
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Our operations may be adversely aff
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The exchange price for the first tr
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American-led military campaigns in
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liquidity, the price of such shares
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Over Code. A take-over offer is als
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able to use the net proceeds to mak
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EXCHANGE RATES AND EXCHANGE CONTROL
Page 49 and 50: CAPITALISATION AND INDEBTEDNESS The
Page 51 and 52: (2) As at 1 January 2005, Yaw Chee
Page 53 and 54: Consolidated Balance Sheets As at A
Page 55 and 56: MANAGEMENT’S DISCUSSION AND ANALY
Page 57 and 58: uilding such vessels. Higher demand
Page 59 and 60: Demand for and Supply of Skilled La
Page 61 and 62: Deferred Gain Deferred gain arises
Page 63 and 64: Cost of Sales Our cost of sales con
Page 65 and 66: Recognition — Deferred Gain”. O
Page 67 and 68: evenue from the Middle East region
Page 69 and 70: In FY2007, our revenue from the Mid
Page 71 and 72: Cost of Sales Our cost of sales inc
Page 73 and 74: In FY2007, our net cash from operat
Page 75 and 76: Facility Lender Amount of Facility
Page 77 and 78: Hong Leong Finance We have obtained
Page 79 and 80: staff members who were hired from 2
Page 81 and 82: amounting to S$2.3 million. Capital
Page 83 and 84: The percentage of our revenue denom
Page 85 and 86: ange from 3.75% per annum to 8.0% p
Page 87 and 88: INDUSTRY OVERVIEW This section is p
Page 89 and 90: 2.0 Description of Vessel Types 2.1
Page 91 and 92: Graph 2: Primary types of offshore
Page 93 and 94: 5.1 Main Markets for Offshore Marin
Page 95 and 96: Canada features a relatively small
Page 97 and 98: 6.0 Fleet Sizes As of January 2008
Page 99: With many oil and gas fields maturi
Page 103 and 104: Number of vessels built in given ye
Page 105 and 106: Number of vessels built in given ye
Page 107 and 108: 600 500 400 300 200 100 0 Graph 18:
Page 109 and 110: In preparation for the admission of
Page 111 and 112: On 18 December 2007, our Company en
Page 113 and 114: (4) WAIL was incorporated in Saint
Page 115 and 116: operation. We believe these favoura
Page 117 and 118: We believe we have an aggressive re
Page 119 and 120: 20.0% to 30.0% of the contract valu
Page 121 and 122: Launching The completed hull and pr
Page 123 and 124: Our initial costs of investment for
Page 125 and 126: Year of Delivery Tonnage/ Power/ Ca
Page 127 and 128: Vessels for Our Own Chartering Flee
Page 129 and 130: Leases We currently lease the follo
Page 131 and 132: In FY2007, the production capacity
Page 133 and 134: Accounting Policies — Revenue and
Page 135 and 136: the entering into new contracts wit
Page 137 and 138: Employees The geographical distribu
Page 139 and 140: Type Activity Date Granted Expiry D
Page 141 and 142: Management Reporting Structure PROC
Page 143 and 144: and special advisor of PSA Internat
Page 145 and 146: attain the position of general mana
Page 147 and 148: companies both in Singapore and ove
Page 149 and 150: Our Board believes that Yaw Chee Si
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SHARE AWARD SCHEME On 2 September 2
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such Awards will receive in lieu of
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However, as the Share Award Scheme
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SUBSTANTIAL SHAREHOLDERS AND VENDOR
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Information on Cornerstone Investor
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Memorandum and Articles of Associat
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Change of Control of Our Company To
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Interested Person Relationship With
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As of the Latest Practicable Date t
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inflation rate) for the remaining t
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PT Lestari became our subsidiary in
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delivered in 2005 and one vessel wa
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These inter-company payments and ad
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provision subordinating our indebte
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In October 2006, we started engagin
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Transactions with interested person
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Opinion of the Independent Financia
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At an EGM held on 19 November 2008,
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DESCRIPTION OF OUR SHARES The follo
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Unless otherwise directed, dividend
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TAXATION The following is a discuss
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PLAN OF DISTRIBUTION The Offering U
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convertible into or exchangeable or
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egulations. Persons into whose poss
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including any corporation or other
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TRANSFER RESTRICTIONS Because the f
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LEGAL MATTERS The validity of the O
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GENERAL AND STATUTORY INFORMATION I
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Name Present Directorships Past Dir
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2. None of our Directors, Executive
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Company Name Date of Incorporation
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(viii) subscription agreement dated
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Consents 1. Deloitte & Touche LLP a
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DEFINITIONS For the purpose of this
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“LSH Trading” .................
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“Composite Document” ..........
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“Participants” ................
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GLOSSARY OF TECHNICAL TERMS To faci
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“project manager” .............
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APPENDIX 1 INDEPENDENT AUDITORS’
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A. Consolidated Balance Sheets As a
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OTTO MARINE LIMITED AND ITS SUBSIDI
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Concentrations of credit risk exist
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8 Construction Contracts OTTO MARIN
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12 Associates 2007 2006 2005 $’00
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15 Property, Plant and Equipment OT
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20 Finance Leases OTTO MARINE LIMIT
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26 Other (Expense) Income OTTO MARI
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The net assets acquired in the tran
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APPENDIX 2 INDEPENDENT AUDITORS’
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8. Goodwill OTTO MARINE LIMITED AND
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APPENDIX 3 SUMMARY OF OUR MEMORANDU
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Voting Rights Every member (other t
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fees and current receipts shall, su
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APPENDIX 4 SUMMARY OF THE RELEVANT
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espective implementation regulation
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vessels would be responsible for co
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instructions and procedures in an e
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1. APPENDIX 5 RULES OF THE OTTO MAR
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2.5 Any reference in the Share Awar
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5.9 As soon as reasonably practicab
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accordance with Rule 7.1(a) and, th
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11.3 Any notice or other communicat
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16.2 The Participants shall be resp
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APPENDIX 6 LETTER FROM INDEPENDENT
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usiness, provided that all such tra
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will not be prejudicial to the inte
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APPENDIX 7 TERMS, CONDITIONS AND PR
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(ii) deem your application as withd
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18. In the event that an interim st
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(d) you will not be entitled to exe
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with an ATM card which is not issue
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(2) If you make your Internet Elect
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6: Read and understand the followin
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6. board rates at the time of the a
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(This page is intentionally left bl
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Otto Marine Limited 9 Temasek Boule
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