Mainboard-listed Otto Marine has obtained an injunction from the Singapore High Court to restrain a Norwegian client from seeking a refund for a vessel it had ordered from the company.
In a filing with the Singapore Exchange (SGX), the company said that its wholly-owned subsidiary Otto Offshore had won the court injunction against Mosvold Supply II and Mosvold Shipping Holding.
This injunction is pending an arbitration hearing to settle the dispute between the firms.
Otto Offshore has filed a notice of arbitration with the Singapore International Arbitration Centre (SIAC) on Dec 21.
In an earlier SGX filing, the company said that the arbitration is over disputes arising from the shipbuilding contract regarding the delivery date of the vessel.
According to news reports, Mosvold Supply had ordered four anchor handling tug supply vessels to be built and delivered by Otto.
However, the Norwegian company cancelled one of the vessels ordered on May 18.
According to the terms of the contract, Mosvold was entitled to a refund of its deposit and interest accrued, the earlier news reports said.
In a filing with the Singapore Exchange (SGX), the company said that its wholly-owned subsidiary Otto Offshore had won the court injunction against Mosvold Supply II and Mosvold Shipping Holding.
This injunction is pending an arbitration hearing to settle the dispute between the firms.
Otto Offshore has filed a notice of arbitration with the Singapore International Arbitration Centre (SIAC) on Dec 21.
In an earlier SGX filing, the company said that the arbitration is over disputes arising from the shipbuilding contract regarding the delivery date of the vessel.
According to news reports, Mosvold Supply had ordered four anchor handling tug supply vessels to be built and delivered by Otto.
However, the Norwegian company cancelled one of the vessels ordered on May 18.
According to the terms of the contract, Mosvold was entitled to a refund of its deposit and interest accrued, the earlier news reports said.