Nautilus Marine Services Cashes In on Assets Sale

Nautilus Marine Services has sold two of its offshore service vessels and certain of its dive equipment in three separate transactions.

The AIM-listed company said that these non-strategic assets were acquired in February 2017 and had a combined cost basis of US$120,000 at the time of the disposals, resulting in a gain of US$541,000.

In accordance with its current policy, the Group will continue to assess opportunities to sell selected offshore assets at a premium to their initial cost as and when presented, the company added.

John Payne, managing director of Nautilus, said: “Having identified the opportunity to move into the offshore service industry, Nautilus moved to acquire a fleet of vessels in late 2016 at the bottom of the oil price cycle. This disposal validates that approach and the judicious nature of our acquisition. It also demonstrates our ability to move quickly to monetize our assets.

“The remaining vessels are currently laid-up and we continue to monitor the macro-economic environment with a view of recommissioning the fleet to provide maximum economic benefit for all of our stakeholders.”

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