Mosvold Supply confirms cancellation of AHTS of remaining AHTS at Otto MarineCompany News // March 1, 2012
Mosvold Supply Plc has confirmed that it has cancelled an AHTS it had building at Otto Marine.
Otto Offshore Ltd, a wholly owned subsidiary of Otto Marine Limited, was contracted to build a series of four AHTS (VS 491 CD) vessels for Mosvold Supply in 2007. Mosvold Supply Plc shortly thereafter transferred these contracts one each to four single purpose wholly owned subsidiaries.
Mosvold Supply IV Limited, one of these wholly-owned subsidiaries, cancelled hull no 7050, the fourth vessel in the series.
Mosvold Supply I Limited, Mosvold Supply II Limited and Mosvold Supply III Limited, have already cancelled the other three vessels and received full refund of instalments paid including interest by calling on the refund guarantees from the guaranteeing bank, Otto Marine Ltd having failed to make repayment on demand.
The company said that, according to the shipbuilding contract, it is entitled to a refund of instalments paid including interest, and has made that demand to Otto Offshore Ltd.