The Board of Directors of Otto Marine Limited announces that the Company or its nominee has entered into a Memorandum of Agreement with Aries AP Limited or its nominee, in respect of the sale of a vessel, Hull 7061 for consideration of US$19 million.
The Company expects the Vessel to be completed in March 2012.
None of the Directors or controlling shareholders of the Company has any direct or indirect interest in the sale.
The contract is expected to have a positive effect on the net earnings per share or net tangible assets per share of the Company for the financial year ending 31 December 2011.
