Otto Marine has announced that its subsidiaries, Swordfish 5 and GO Offshore, have each commenced arbitration proceedings under the London Maritime Arbitrators Association Terms 2012 with Vettal Mega Services in connection with bareboat charter contracts.
Otto Marine claimed that Vettal Mega Services has failed to pay hire due, owing $6m under the contracts.
“The company is working closely with its lawyers in connection with the legal proceedings to, inter alia, enforce the subsidiaries’ rights under the contracts, and safeguard as well as protect the interests and assets of the group,” Otto said in a statement.
Last week, Otto Marine also started arbitration proceedings against Robert Knutzen Shipholdings for alleged default on charter parties.
