OTTO MARINE LIMITED

(UEN : 197902647M)

(Incorporated with limited liability in the Republic of Singapore on 5 September 1979)

REFLECT GEOPHYSICAL PTE. LTD.


The Board of Directors of Otto Marine Limited (the "Company") wishes to announce that it has been informed by its subsidiary, Reflect Geophysical Pte. Ltd. ("Reflect") of the latest developments set out below:
Two of Reflect's creditors had each filed with the Singapore High Courts an application to wind up Reflect (the "Applications"). The total sum claimed against Reflect pursuant to the Applications is approximately US$1.1 million. Prior to the Applications being made, Reflect has been negotiating with these two creditors to reach a settlement on the sums owing. Pending a settlement being reached, and at a hearing held today, the parties had agreed to an adjournment to 22 February 2013.
Reflect is currently seeking legal advice from its lawyers and the Company will make further announcement(s) on the matter as and when there are material developments.
The directors of the Company have taken all reasonable care to ensure that the facts stated in this announcement are fair and accurate in all material aspects as at the date hereof and that no material facts have been omitted from this announcement, and they jointly and severally accept responsibility accordingly.

By Order of the Board

See Kian Heng
Group Chief Financial Officer
1 February 2013

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