Otto Marine’s Creditor Seeks Liquidation

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Singapore-based oilfield services firm, Otto Marine, informed that a creditor of the company has filed a winding up application with the Singapore High Court to wind up the Company.

The Court has made directions for the application to be heard on 15 May 2015. The total sum claimed against the Otto Marine, pursuant to the application is approximately USD 200,000 and EUR 900,000 (the “Debt”).

The Company is not disputing the Debt. The Company is currently in negotiations with the Creditor’s solicitors to reach a settlement in respect of the Debt, Otto Marine said in a statement.

According to Otto Marine, the event is not expected to have a material impact on the financials of the company for the financial year ending 31 December 2015.

Following the liquidation news, shares in Otto Marine fell almost 10 percent on Monday morning.

Furthermore, Otto Marine has been informed by Go Marine that a creditor of Go Offshore, a wholly-owned subsidiary of Go Marine, has filed a winding up application with the Singapore High Court to wind up Go Offshore Asia, another wholly-owned subsidiary of Go Marine. The Court has made directions for the Application to be heard on 8 May 2015.

The total sum claimed against Go Offshore Asia pursuant to the application is approximately USD 118,000 (the “Debt”). However, the company informed that as at the date of this announcement, (April 25, 2015), Go Offshore has fully paid up the Debt to the creditor, and the creditor is in the process of withdrawing the Application.

Update April 28, 2015:

Otto Marine informed that the company has fully paid up the debt of USD 200,000 and EUR 900,000 to the creditor, and the creditor has undertaken to withdraw the application.

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