O TTO M ARINE L IMITED - Microsoft Internet Explorer - SGX

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Our shipyard has a dry dock of 145m � 40m � 7m depth, a Syncrolift» covering a total area of 26,000m 2 , a combined wharf length of 450m, an automated plate blasting shop and CNC being powered mechanical cutting devices typically used for fabricating steel components, along with a series of wellequipped and covered workshops. We have recently upgraded the existing workshops, added a new drydock shelter with an overhead crane and also added three other cranes to our facilities. The following image shows our shipyard facilities in Batam, Indonesia: 114
Leases We currently lease the following properties: Location Lessor 9 Temasek Boulevard, #33-01 Suntec Tower Two, Singapore 038989 Jalan Brigjend Katamso KM 85, Tanjung Uncang, Batam, Indonesia Samling Singapore Private Limited Land Area (sq ft) Tenure 4,550 (1) PT Lestari 128,066 (sq m) 3 years from 1 June 2007 10 years from 1 January 2007 Rental Per Month Use S$36,400 Office US$16,000 for FY2007, US$20,000 for FY2008 and US$25,000 for FY2009 and US$25,000 (adjusted for prevailing annual inflation rate) for the remaining term of the lease Shipyard Note: (1) We are currently in negotiation with Samling Singapore Private Limited for lease of additional floor space. Syncrolift» A Syncrolift» is a large lifting system, which raises and lowers a wide range of vessels in and out of the water for drydocking onshore. This gives us the ability to build, repair and maintain many vessels concurrently, maximising productivity for shipbuilding and ship repair and conversion and providing greater cost-efficiency in comparison with other docking systems. The Syncrolift» comprises two rows of hoists and a wood-decked steel platform. It has docking cradles for transfers or vessels can also be docked directly onto the platform. To dock a vessel, the platform and cradle are lowered into the water, and the vessel moves into place over the platform. Once in position, the Syncrolift» raises the platform to remove the vessel from the water. When removed from the water, work on the vessel can either be done on the platform itself or transferred ashore to a shore berth, leaving the Syncrolift» available to dock other vessels. On completion, the process is reversed to return the vessel to the water. Drydock Our drydock or graving dock is a narrow basin that can be flooded to allow a vessel to be floated in and then drained to allow the vessel to come to rest on a dry platform, ready for construction, repair or maintenance. This system allows for fine-tuning of the vessel to be done by scuba divers while the dock is partially flooded, or for the vessel to be freely inspected or serviced on dry land. When work on the vessel is finished, the drydock is flooded once again and the vessel is refloated. The recently added shelter for our drydock reduces the interruption of construction, repair or maintenance by weather conditions, thereby enabling us to provide faster service to our customers. Vessels As at the Latest Practicable Date, our fleet comprises five 3,600 bhp tugboats and five 10,000 dwt highdeck loading barges. The market for our ship chartering activities of our tugboats and barges is currently in the Middle East as our main customers are based in that region (see “— Our Operations — Ship Chartering”). Nine of our vessels are mortgaged to Bangkok Bank as part of the terms and conditions of a loan facility made available to us and one high-deck loading barge is mortgaged to Hong Leong Finance. See “Management’s Discussion and Analysis of Financial Condition and Result of Operations — Borrowings”. 115
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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
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(2) As at 1 January 2005, Yaw Chee
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Consolidated Balance Sheets As at A
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MANAGEMENT’S DISCUSSION AND ANALY
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uilding such vessels. Higher demand
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Demand for and Supply of Skilled La
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Deferred Gain Deferred gain arises
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Cost of Sales Our cost of sales con
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Recognition — Deferred Gain”. O
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evenue from the Middle East region
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In FY2007, our revenue from the Mid
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Cost of Sales Our cost of sales inc
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In FY2007, our net cash from operat
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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 and 102: share, with Dubai Drydocks combinin
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: Vessels for Our Own Chartering Flee
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
Page 151 and 152: SHARE AWARD SCHEME On 2 September 2
Page 153 and 154: such Awards will receive in lieu of
Page 155 and 156: However, as the Share Award Scheme
Page 157 and 158: SUBSTANTIAL SHAREHOLDERS AND VENDOR
Page 159 and 160: Information on Cornerstone Investor
Page 161 and 162: Memorandum and Articles of Associat
Page 163 and 164: Change of Control of Our Company To
Page 165 and 166: Interested Person Relationship With
Page 167 and 168: As of the Latest Practicable Date t
Page 169 and 170: inflation rate) for the remaining t
Page 171 and 172: PT Lestari became our subsidiary in
Page 173 and 174: delivered in 2005 and one vessel wa
Page 175 and 176: These inter-company payments and ad
Page 177 and 178: 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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