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.”

Share this article

Follow Subsea World News

Events>

<< Jun 2018 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

STRUCTURAL INTEGRITY 2018

The conference will bring together researchers and practitioners to discuss and address the current and emerging issues and challenges…

read more >

Annual Ghana Summit 2018

The 8th Annual Ghana Summit took place 22 – 23 June 2017 and was a huge success…

read more >

Undersea Defence Technology (UDT)

It brings together professionals from the military, industry and academia to focus on the cutting edge technologies and developments within…

read more >

Subsea Connect EMEA 2018

The first ever Subsea Connect welcomed 248 attendees from 100 companies, representing 31 countries…

read more >