Nautilus Marine Services sells two vessels and dive equipment

Offshore industry investor Nautilus Marine Services has sold two of its offshore service vessels and certain of its dive equipment in three separate transactions, it announced on Monday.

The AIM-traded firm said the non-strategic assets were acquired in February last year, and had a combined cost basis of $0.12m at the time of the disposals, resulting in a gain of $0.54m.

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

“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,” said Nautilus managing director John Payne.

“This disposal validates that approach and the judicious nature of our acquisition.”

Payne said it also demonstrated the company’s ability to move quickly to monetise its 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.”