The move by the Singapore-based offshore vessel operator counters an $8.88m claim made by a holding company in May over the financing of two vessels which was reduced to just above $7m in June.
Otto entered into an acquisition and operation agreement with two unnamed parties in September 2014, and it is claimed one of its subsidiaries has refused to co-operate in securing financing for the vessels.
But Otto claims it loaned the holding company $650,000 which has not been repaid. Its lawyers have advised the claim is “vexatious” and the claimants’ chances of winning the case are low, the company adds.
According to Clarksons, Otto has four platform supply vessels (PSV) under construction at Wuchang SB Group’s shipyard and two anchor handlers at Batamec Shipyard.
Last month Otto cut its staff by 30% as part of restructuring efforts after reporting a first quarter net loss of $13.2m over the "persistent challenging market condition" for the oil and gas industry.
In May an unnamed creditor also filed a court application to wind up the company, which owns and operates a fleet of 59 offshore support vessels and has a shipyard in Indonesia, over a $1.2m debt.
In early April, Otto replaced Garrick James Stanley as chief executive with chief financial officer Michael See taking up the post.
