Singapore-listed offshore services provider Otto Marine stated in its filing to the Singapore Exchange (SGX) that its creditor has filed a winding-up application against the company with the Singapore High Court.
The creditor has made separate claims of approximately USD200,000 and EUR900,000 (USD980,000) against the company. The court will hear the application on 15 May.
Otto Marine maintained its position that it will not dispute the claimed value, but is currently negotiating a settlement with the creditor.
Meanwhile, Australia-based marine oil and gas logistic provider Go Marine Group, which is 100% owned by Otto Marine through its investment division, has informed the parent company of a winding-up application filed by its creditor.
According to Otto Marine’s filing to the SGX, a creditor of Go Offshore, a wholly owned subsidiary of Go Marine Group, has filed a winding-up application with the Singapore High Court to wind up Go Offshore (Asia), another wholly owned subsidiary of Go Marine.
The court has subsequently made direction for the application to be heard on 8 May, with the total sum claimed against Go Offshore Asia pursuant to the application is approximately USD118,000. However, Go Offshore has fully paid its debt to the unnamed creditor, and the creditor is in the process of withdrawing the application.
Otto Marine stressed that in the two applications are not expected to have a material impact on the financials of the company for the financial year ending on 31 December 2015.