High Court rejects Otto's lawsuit against Mosvold

Otto Marine has failed in its attempt to apply an injunction to prevent Norway-based Mosvold Supply from getting a refund for a vessel order contract. Mosvold had cancelled its order for an anchor handling tug supply vessel in May 2010 and Otto Marine launched legal action in December to restrain Mosvold from seeking a refund on its deposit. “The High Court of Singapore... rejected the application of Otto Offshore (subsidiary of Otto Marine) for an injunction to restrain Mosvold Supply II Ltd and Mosvold Shipping Holding Limited from making any calls on the refund guarantees and receiving any monies under the refund guarantees,” Otto Marine said. Singapore-listed Otto Marine said it is currently being advised by its lawyers on its next course of action.
(Source:http://www.seatrade-asia.com)