Nautilus Marine Services sheds two vessels

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

To remind, Nautilus, formerly known as Global Energy, changed its focus from oil production and became a provider of offshore subsea services vessels in the U.S. Gulf of Mexico back in early 2017.

The company bought 11 offshore subsea service vessels and a barge vessel in January 2017. Eight vessels were bought from Deepcor Marine while Everest Vessel Holdings delivered the Rider Barge. The remaining three offshore subsea service vessels, Mystic Viking, Midnight Star, and Cal Diver, were bought from Everest Hill.

Nautilus now provides platform and pipeline inspections, underwater welding and burning, and other underwater oil support services.

Nautilus said on Monday that the non-strategic assets were acquired in February 2017 and had a combined cost basis of $120,000 at the time of the disposals, resulting in a gain of $541,000. The company did not disclose which vessels were sold.

The company added that, in accordance with its current policy, it would continue to assess opportunities to sell selected offshore assets at a premium to their initial cost as and when presented.

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 macroeconomic environment with a view of recommissioning the fleet to provide maximum economic benefit for all of our stakeholders.”

Offshore Energy Today Staff

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