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Otto Marine obtains injunction against Mosvold over cancellation

Otto Marine obtains injunction against Mosvold over cancellation

Singapore: Otto Marine has obtained an injunction stopping Mosvold Supply from making claims on refund guarantees for an anchor handler newbuilding it cancelled two weeks ago. Mosvold Supply cancelled a contract for a 21,000 bhp, VS 491 CD, anchor handling towage supply (AHTS) vessel being built at Otto Marine's Batamec yard in Indonesia. The vessel was the first of four AHTS that Mosvold had ordered from the Singapore-owned yard. Otto Marine has obtained a court injunction stopping Mosvold from making calls on two refund guarantees related to the newbuilding, which were issued by Bangkok Bank in 2007 and 2008. Otto Marine said it was considering its legal position over the matter. [02/06/10]

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