New subsea oilfield services player emerges in Gulf of Mexico

Oil company Global Energy has changed its name and completed the transactions to buy subsea service vessels as part of a move to adopt a new strategy that focuses on subsea oilfield services sector in the Gulf of Mexico. 

Looking to take advantage of distressed market conditions, Global Energy announced the change of course and the acquisition of 11 offshore subsea service vessels and a barge vessel in January 2017.

Following approval from shareholders at the general meeting of the company held on February 8, 2017, and admission of the company’s issued share capital on Thursday, the company has changed its name to Nautilus Marine Services PLC and its TIDM from ‘GED’ to ‘NAUT’.

The company’s services will include platform and pipeline inspections, underwater welding and burning and other underwater oil support services.

As for the company’s newly acquired fleet, eight vessels were bought from Deepcor Marine and the Rider Barge was delivered by Everest Vessel Holdings. The remaining three offshore subsea service vessels, Mystic Viking, Midnight Star and Cal Diver, were bought from Everest Hill.

Nautilus Marine said on Thursday that the vessel acquisitions were effected through the purchase of the entire issued share capital of “certain vessel-owning companies.” All vessels have been received and inspected and are located at the company’s docking facility in Louisiana, U.S.

In accordance with completion requirements, the company has received $3 million in cash proceeds and has issued the pro-rata share of Convertible A, B and C Loan Notes to McLarty Capital Partners and Caleura Limited.

Furthermore, the company said that the remaining cash proceeds of $7 million and $500,000 are scheduled to be received on March 31 and April 15, 2017, respectively, and the remaining pro-rata share of convertible notes will be issued accordingly.

Offshore Energy Today Staff