Troubled Otto Marine Geophysical Subsidiary

Press Release
Monday, February 25, 2013

Singapore-based Otto Marine Limited informs of two applications by creditors to wind up its Reflect Geophysical Pte Ltd.

At the hearing on the two applications to wind up Reflect  filed by two of Reflect’s creditors with the Singapore High Court held on 22 February 2013, the court has ordered that the applications be adjourned to a date to be fixed after the conclusion of the judicial management application filed by Reflect on 21 February 2013, pursuant to section 227C(a) of the Companies Act
(Chapter 50).

At a separate hearing before the Registrar, the court ordered that the hearing on Reflect's application for judicial management be held within 6 weeks from the date of the filing of its application for judicial
management.

The Company will make further appropriate announcement(s) as and when there are material developments on this matter. Shareholders are advised to exercise caution while trading in shares of the Company and refrain from taking any action in respect of their shares which may be prejudicial to their interests.
 

Maritime Reporter October 2013 Digital Edition
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