Otto Marine and Mosvold Supply Group reach amicable agreement

The Board of Directors of Otto Marine Limited announces that the Company and its subsidiaries (the “ Otto Group ”) and the Mosvold Supply Group have reached an amicable agreement to end the disputes and all the arbitrations between the two groups of companies arising out of the terminated contracts for four AHTS vessels constructed by the Otto Group. The parties have agreed to settle without admission of liability and on a confidential basis, the Company said in a press release.