Creditor Applies to Singapore High Court to Wind Up Otto Marine

Otto Marine Limited (the Company) reported Saturday that a creditor of the Company (the Creditor) has filed a winding up application with the Singapore High Court (the Court) to wind up the Company (the Application). The Court has made directions for the Application to be heard May 15. The total sum claimed against the Company pursuant to the Application is approximately $200,000 and €900,000 (the Debt).

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.

The Company has taken all reasonable care to ensure that the facts stated in this announcement are fair and accurate in all material aspects as at the date hereof and that no material facts have been omitted from this announcement.

The event is not expected to have a material impact on the financials of the Company for the financial year ending Dec. 31.

Separately, Otto Marine announced that it has been informed by Go Marine Group Pty Ltd. (Go Marine) that a creditor (the Creditor) of Go Offshore Pty Ltd. (Go Offshore), a wholly-owned subsidiary of Go Marine, has filed a winding up application (the Application) with the Singapore High Court (the Court) to wind up Go Offshore (Asia) Pte. Ltd. (Go Offshore Asia), another wholly-owned subsidiary of Go Marine. The Court has made directions for the Application to be heard May 8.

The total sum claimed against Go Offshore Asia pursuant to the Application is approximately $118,000 (the Debt). As at the date of this announcement, Go Offshore has fully paid up the Debt to the Creditor, and the Creditor is in the process of withdrawing the Application.

The Company has taken all reasonable care to ensure that the facts stated in this announcement are fair and accurate in all material aspects as at the date hereof and that no material facts have been omitted from this announcement.

The event is not expected to have a material impact on the financials of the Company for the financial year ending Dec. 31.

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