Otto Marine: The courts have denied Otto’s application to restrain Entities from canceling the shipbuilding contract for Hull No. 7049 and/or from making calls on the related Refund Guarantees.
This follows customer Mosvold’s earlier cancellation of another shipbuilding contract for H7048, in which Otto is required to refund advance payments of US$26.7m...
The court ruling news may overshadow news that its deep-sea vessel H7047 has obtained the DNV maritime class certification.
Otto’s share price has been hit by concerns about its cash flow, poor financial performance due to vessel delivery delays, and potential order cancellations by Mosvold.
Recent Street ratings are bearish with TP ranging btwn $0.19-0.21.
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