Otto Marine says its Australian units face court action
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Singapore
OTTO Marine Ltd, a Singapore-listed builder of ships that service offshore oil and gas facilities, said some creditors are seeking to wind up its subsidiaries in Australia, adding to signs of strains in an industry beset by energy price declines.
It said three creditors filed three such applications with the Supreme Court of Western Australia to wind up Go Inshore Pty and Go Marine Group Pty. The total claimed against the units is A$787,204 (S$817,947), according to a filing to the stock exchange. The management of Go Marine Group is seeking legal advice and plans to dispute the debts. The cases will be heard on Nov 8, it said.
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