Nautilus

The joint venture firm, called the “Vessel JV,” will be owned by the third parties and Nautilus’ subsidiary, Nautilus Minerals Niugini Limited (NMN).

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 Pte Ltd, and the integration costs of installing the mining equipment on the PSV.

Fujian Mawei Shipbuilding Ltd, the owner of the shipyard where the PSV is being built, rescinded the shipbuilding contract with MAC Goliath Pte Ltd after the contractor failed to pay the third installment of the contract price  of ~US$18m + interest (K56 million).

MAC is the contractor engaged by Nautilus to procure the construction of the PSV on behalf of Nautilus.

On December 11, 2017, Nautilus reported that Fujian Mawei Shipbuilding Ltd had notified them of MAC’s default.