Otto Marine announces court proceedings against Chargors of a share charge
Further to the Announcement and the subsequent announcements dated 18 May 2015, 29 June 2015 and 16 July 2015, the Company wishes to voluntarily announce that it has commenced, on 23 July 2015, a Singapore High Court Originating Summons against the shareholders of 100% of the issued share capital of the Hold Co (collectively, the “Shareholders” or “Chargors”), the Company said in a media release.
The Originating Summons seeks the court's assistance to effectuate the transfer of the entire share capital of the Hold Co to OVPL pursuant to a share charge deed dated 3 September 2014 between the Shareholders as Chargors and OVPL as chargee.
The Company will make such further announcements as and when material developments in the present matter arise.
Singapore-headquartered Otto Marine Limited is an offshore marine group engaged in specialized shipbuilding of offshore vessels for Deep Sea applications, ship repair and conversion. Otto Marine is chartering out its own fleet of clean/comfort class Anchor Handling Tugs and Offshore Supply vessels. Otto Marine is the majority shareholder in the seismic operator, Reflect Geophysical. The Company owns and operates one of the largest shipyards in Batam, Indonesia. Otto Marine customers are primarily deep sea and offshore operators and equipment companies who provide logistics support and offshore services to companies operating globally in the oil and gas industry.
