Nautilus Seeks Partner for Vessel JV

Nautilus Minerals said it is currently negotiating the terms that would involve the creation of a new joint venture company (the “Vessel JV”).

The purpose of the Vessel JV would be to fund the acquisition of the Production Support Vessel (PSV) that Nautilus had previously arranged to be procured through MAC Goliath and the integration costs of installing the mining equipment on the PSV.

The Vessel JV would own and operate the fully integrated PSV. The Vessel JV would charter the PSV to the existing Solwara 1 joint venture between Nautilus and the Independent State of Papua New Guinea’s nominee, Eda Kopa (Solwara) Limited.

As previously disclosed, Nautilus has been notified by the owner of the shipyard, Fujian Mawei Shipbuilding, where the PSV is being built, that the Shipyard has rescinded the shipbuilding contract between the Shipyard and MAC, the contractor engaged by Nautilus to procure the PSV on behalf of Nautilus.

The Shipyard has continued to install components of Nautilus’ seafloor production equipment on the PSV, with the latest being the installation of an operating console in mid-November. The Company is currently in negotiations with various parties to enable the acquisition of the PSV to facilitate the proposed Vessel JV.

Nautilus is also currently in discussions with Deep Sea Mining Finance to extend the maturity date of the existing secured loan facility, which is currently due on January 8, 2019, in order to allow sufficient time for the company to progress the transactions discussed above.

Share this article

Follow Subsea World News

Events>

<< Aug 2019 >>
MTWTFSS
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 31 1

Submarine Networks World 2019

As the key annual gathering for decision makers in the subsea communications value chain, they offer a dedicated platform…

read more >

8th International Conference 2019 Offshore Wind Power Substations

The International Conference Offshore Wind Power Substations is a technical event for experts in the wind industry.

read more >

Wind Turbine Towers

Wind Turbine Towers is a technical event for experts in the wind industry and the goal is to push forward technical development for future tower concepts.

read more >

Seatrade Europe 2019

The three day event will  take place in the hub of the European cruise industry, Hamburg; Germany…

read more >