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

Our Major Customers
Our customers are primarily fleet operators who provide logistics support to offshore services and
equipment companies operating globally in the oil and gas industry. The vessels that we build are primarily
for use in the North Sea, Mexico, the Middle East, West Africa and Asia, and our customers either are located
or have operations in these areas. The following table shows our customers that accounted for 5.0% or more
of our revenue for each of the last three financial years and the five months ended 31 May 2008:
Percentage of Total Revenue (%)
Five Months
Ended
FY2005 FY2006 FY2007 31 May 2008
Customer (1)
Esnaad ...................................... — 23.0 — —
Consolidated Projects Ltd. ....................... — 21.4 1.2 —
Mt Benom Ltd. ............................... — 12.0 20.1 1.0
Robert Knutzen Shipholdings Limited and its
affiliate (2) .................................. — 13.1 33.6 24.8
Marine Subsea AS ............................. — 10.0 7.6 1.1
Tidewater Assets Inc. .......................... 57.4 0.5 0.7 0.7
Tinjar Transport Sdn Bhd ........................ 11.2 0.7 —
Otto 1 Ltd. (3) ................................. — — 15.3 —
Yawson (4) .................................... — 4.4 7.6 —
Brizill International Limited (5)
.................... — 2.2 — —
Aries Offshore Singapore Pte. Ltd. (6)
............... — — 5.6 5.6
Mosvold Supply Limited ........................ — — — 12.3
Polar Marine Group (7)
.......................... — — — 34.1
Otto 2 Ltd. (3) ................................. — — — 9.7
Falcon Energy Group Limited. .................... — — — 5.9
Notes:
(1) The table lists our major end customers although often the contracting party under our sale agreements is
a financial intermediary to whom we transfer title to the vessel and the vessel is subsequently leased by
the purchaser to the end customer.
(2) The affiliate referred to is Asian Offshore Limited.
(3) Otto 1 Ltd. and Otto 2 Ltd. are subsidiaries of WAIL, our 49%-owned associated company.
(4) We sold nine vessels to Yawson between September 2006 and July 2007 which we leased back for our
chartering business which commenced in April 2007. Between October 2007 and December 2007, we
repurchased these vessels from Yawson. See “Interested Person Transactions — Past Interested Person
Transactions — Transactions with Yawson”.
(5) We sold one vessel to Brizill International in 2006. See “Interested Person Transactions — Past Interested
Person Transactions — Transactions with Brizill International”.
(6) Aries is our 49%-owned associated company.
(7) Polar Marine Group refers to Polar Marine I and Polar Marine II, which are our associated companies.
The shipbuilding business is a project-based business, and individual projects can make a significant
contribution to our revenues in any given period. In addition, we frequently enter into more than one
shipbuilding contract with a single customer at or about the same time, which increases that customer’s
contribution to our revenues in any given period. See “Risk Factors — Risks Relating to Our Business and
Operations — Our shipbuilding business is dependent on a few major customers”. As a result, the contribution
to our revenues by any single customer can fluctuate widely from period to period, depending on the value of
the contract or contracts we enter into with that customer and the number of vessels we construct for that
customer during the period.
Under our accounting policies, we recognise revenue on a percentage-of-completion method, with certain
percentages of the contract value being payable upon signing of the related contract and upon keel laying. See
“Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical
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