Otto Marine issues update on "vexatious" court caseCompany News // June 30, 2015
Referring to earlier announcements about the case, Otto Marine says the claimants in a court case against it have filed their statement of case for the arbitration. The total amount of losses claimed have been reduced from US$8.88 million to US$7.03 million.
"This development does not change the company’s approach to defending the claim," said Otto Marine. "Regardless of the amount claimed, the company remains of the view that the claim is vexatious, the likelihood of the entire amount of the claim being successful is low and the claimants still have not fully justified the quantum of the claim."
The claim is understood to relate to its wholly-owned unit Otto Ventures with regard to the acquisition and operation of two offshore vessels.