Nautilus Marine Engages Sales Agents For Offshore Service Vessels

LONDON (Alliance News) - Nautilus Marine Services PLC said Wednesday it has entered contract with M&E Partners LLC and Dixon Marine Consulting Ltd for M&E and Dixon to conduct the sale of its six offshore service vessels and associated equipment.

On Friday last week, the company had said it was considering "the potential sale of the currently owned offshore service vessels". Nautilus expects the vessels to go on sale at auction by June 29 at the latest.

Shares in the offshore services-focused investor were 12% lower at 1.71 pence on Wednesday.

On Friday last week, Nautilus said it was intending to cancel its shares on AIM and re-register as a private company, due to conditions in the offshore service industry making it harder "to identify investment opportunities at attractive valuations".

Nautilius will be seeking 75% shareholder approval at its annual general meeting on June 24 for the re-registration. So far, irrevocable undertakings from shareholders accounting for 73% of shares have been obtained.