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Number of vessels built in given year 20 18 16 14 12 10 8 6 4 2 0 1971 1973 1975 1977 1979 Graph 10: Age Profile AHTS 8,000 � 9,999 BHP 1981 1983 1985 1987 1989 1991 Year Built When considering medium sized AHTS vessels, we note that this sector of the fleet at January 2008 had an average age of just over 13 years which is set to decrease to just under 11 years by 2011 when the newbuild order book is included (see Graph 11). Number of vessels built in given year 45 40 35 30 25 20 15 10 5 0 1975 1977 1979 1981 Graph 11: Age Profile AHTS 10,000 � 13,999 BHP 1983 1985 1987 1989 1991 1993 Year Built The large AHTS category (Graph 12) at January 2008 had the youngest average age of any segment of only 8 years which is set to decrease to just over 7 years by 2011, after taking into account the newbuild orderbook. 88 1993 1995 1995 1997 1997 1999 1999 2001 2001 2003 2003 2005 2005 2007 2007 2009 2009 180 160 140 120 100 80 60 40 20 0 250 200 150 100 50 0 Total fleet size Total fleet size
Number of vessels built in given year 50 45 40 35 30 25 20 15 10 5 0 1979 1981 1983 1985 1987 Graph 12: Age Profile AHTS �14,000 BHP 1989 1991 1993 1995 Year Built Taking into consideration that the typical trading life of a vessel is 25 years, then an average fleet age of 8 years is considered relatively young. This should not be surprising since this target market emerged in the late 1990’s as stanchions of deep-water operations. The early 1980’s saw the 10,000-13,999 BHP sector develop, albeit present in small numbers and the fleet consisted of approximately 65 units in 1990. It was not until the deep-water exploration boom in the mid/ late 1990’s led by the oil and gas companies that a natural demand ensued for larger types of ships capable of working deep-water. Since then numbers have steadily increased, notably having more modern, more capable and more advanced technology to support deep-water operations. The advancement of deep-water exploration into deeper water by the oil and gas companies rapidly made it apparent that a new concept of deep-water subsea installation and construction vessel was required. The existing fleet of deep-water capable AHTS vessels which provided drilling support was not sufficient to meet the demands of the oil and gas majors when it came to very deep water subsea installations. The challenge of developing the new deep-water capable vessel was taken up by the ship design companies. At present, large AHTS vessels now account for nearly 10% of the existing global AHTS fleet. 50% of the total AHTS vessels orderbook are for AHTS vessels over 10,000 BHP. It is expected that technology aboard a ship will become dated as a vessel matures. When one considers the modern safety requirements an oil and gas company demands for deep-water operations, then it is very unlikely that the technology that existed at the birth of the deep-water exploration boom will be satisfactory 25 years later. Buoyant market conditions over the last few years have resulted in oil and gas companies finding alternative operations and roles for the older vessels away from mainstream anchor handling. It should be noted that in today’s market, the majority of the early generation vessels built during the 1970’s continue to be actively traded, earning reasonable day rates. This is despite the oil and gas majors’ demand for modern tonnage to service their rigs and platforms, primarily for safety and reliability reasons. However these particular work roles of the vessels tend to be supplied on an ad-hoc basis and they are generally used for supply duties. The winch technology for deep-water anchor handling today is far too advanced for these first generation vessels to be capable of performing deep-water anchor handling roles. 89 1997 1999 2001 2003 2005 2007 2009 2011 300 250 200 150 100 50 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
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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 and 100: With many oil and gas fields maturi
Page 101: share, with Dubai Drydocks combinin
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
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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
Page 151 and 152: 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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