Singapore: Mosvold Supply has won a legal battle with Otto Marine for the payment of refund guarantees for a cancelled anchor handler newbuilding. In April Mosvold Supply cancelled a contract for a 21,000 bhp, VS 491 CD, anchor handler tug supply vessel ordered at Otto Marine's Batamec shipyard in Indonesia. Otto Marine applied for court injunctions to stop Mosvold from receiving payments from the refund guarantees issued by Bangkok Bank. Mosvold has successfully had the injunctions put aside in the Singapore High Court. "The company is currently seeking legal advice in relation to its legal position on the above matters," Otto Marine said. [20/07/10]
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