Otto Marine, Mosvold Settle Disputes

The Board of Directors of Otto Marine Limited announced that the Company and its subsidiaries and the Mosvold Supply Group have reached an amicable agreement to end the disputes and all the arbitrations between the two groups of companies arising out of the terminated contracts for four AHTS vessels constructed by the Otto Group.

The parties have agreed to settle without admission of liability and on a confidential basis.

To remind, Mosvold cancelled four AHTS orders after Otto failed to deliver vessels on time.

[mappress]

September 30, 2013