Singapore-listed Otto Marine said it had received a letter from Mosvold Supply IV cancelling the shipbuilding contract for hull no. H7050 and demanding refund of all advance payments with interest.
Otto said it had made provision for the cancellation its full year results for 2011. “Otto Offshore Limited will be seeking legal advice in relation to its legal position on the above matters,” the company said.
It is the last in a series of four AHTS ordered by Mosvold Supply at Batamec, which were later cancelled.
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