Otto Marine faces winding up order over $1.18m of debtOtto Marine faces winding up order over $1.18m of debt

In a statement to the Singapore Exchange, offshore services firm Otto Marine said an unnamed creditor has made separate claims of approximately $200,000 and EUR900,000 ($978,250) against the company. The Singapore High Court has made directions for the winding up application to be heard on 15 May.

“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.

Meanwhile in a separate statement, Otto Marine’s wholly-owned Go Marine Group said a creditor has filed a winding up application with the Singapore High Court to wind up Go Offshore (Asia), wholly-owned by Go Marine.

The total sum claimed against Go Offshore (Asia) is approximately $118,000, but the company has fully paid up the debt and the creditor is now in the process of withdrawing the application.