Nautilus Hires Two Financial Advisors, Explores PSV Options
Nautilus Minerals has entered into a financial advisory services agreement with Metals Logistics Investments and Eight Capital.
MLI is a Dubai-registered advisory firm focusing on companies in the resource sector with professionals in the UK, Switzerland and the US. MLI is advising Nautilus on alternative funding solutions.
Eight Capital, a Canadian principal-owned investment banking firm in the mining sector, should assist in review and analysis of strategic alternatives aimed at enhancing shareholder value.
In addition, Nautilus is currently said to be in discussions with other parties about the ownership of the production support vessel and terms of a charter of the PSV.
To remind, Fujian Mawei Shipbuilding has canceled the construction contract for the Nautilus Minerals’ PSV, as part of the Solwara 1 seabed mining project located offshore Papua New Guinea.
The contract was terminated due to MAC Goliath’s failure to pay the third installment of the contract price. MAC was hired by Nautilus to procure the construction of the PSV on behalf of the company, but it failed to pay the third installment of approximately USD 18 million + interest.