Otto Marine unit successfully defends itself in arbitration

SINGAPORE - Offshore marine group Otto Marine said on Tuesday its unit Otto Ventures has successfully defended itself in arbitration proceedings.

Claimants wanted about US$8.88 million (S$11.9 million) in damages from Otto Ventures.

 

On Monday (Aug 15), the tribunal dismissed the claims entirely, and ordered the claimants to bear all of the unit's costs and expenses relating to the arbitration.

The claimants were also ordered to bear all the Singapore International Arbitration Centre's costs and expenses, and the tribunal's fees and expenses.

rachaelb@sph.com.sg