Key points
- The company had $97.6-million (U.S.) in cash and cash equivalents as at March 31, 2015.
- Fujian Mawei Shipbuilding awarded key production support vessel equipment contracts, including engine and thrusters to Rolls Royce, cargo-handling equipment to Bedeschi SPA, cranes to MacGregor, and electrical installation to Siemens International Trading (Shanghai) Ltd.
- Nautilus signed a contract with Gardline CGG Pte. Ltd. to provide exploration services for its 2015 program in the Solomon Islands.
- The company appointed Tariq Al Barwani to its board of directors while Usama Al Barwani resigned.
Nautilus Minerals Inc. has released its unaudited consolidated financial statements for the first quarter ended March 31, 2015, together with management’s discussion and analysis.
Significant events to date
in 2015:
Commenced commissioning of the auxiliary cutter and collecting machine;Advanced the production support vessel (PSV) build with key contracts
for long lead equipment items awarded by Fujian Mawei Shipbuilding,
which included:Engine and thruster package awarded to Rolls Royce;Cargo-handling equipment awarded to Bedeschi SPA;Cranes awarded to MacGregor;
Electrical installation awarded to Siemens International Trading
(Shanghai) Ltd.Completed factory acceptance testing for the umbilical winches for
Nautilus’s seafloor production tools;Advised by GE Oil and Gas that the build for the subsea slurry and lift
pump is due to recommence in July, 2015;Signed a contract with Gardline CGG Pte. Ltd. to provide exploration
services for Nautilus’s 2015 program in the Solomon Islands;Announced changes to the board of directors with the appointment of Tariq Al Barwani and the resignation of Usama Al Barwani;$97.6-million (U.S.) in cash and cash equivalents as at March 31, 2015.
- Commenced commissioning of the auxiliary cutter and collecting machine;
- Advanced the production support vessel (PSV) build with key contracts
for long lead equipment items awarded by Fujian Mawei Shipbuilding,
which included: Engine and thruster package awarded to Rolls Royce; Cargo-handling equipment awarded to Bedeschi SPA; Cranes awarded to MacGregor; Electrical installation awarded to Siemens International Trading
(Shanghai) Ltd.
- Engine and thruster package awarded to Rolls Royce;
- Cargo-handling equipment awarded to Bedeschi SPA;
- Cranes awarded to MacGregor;
- Electrical installation awarded to Siemens International Trading
(Shanghai) Ltd.
- Completed factory acceptance testing for the umbilical winches for
Nautilus’s seafloor production tools;
- Advised by GE Oil and Gas that the build for the subsea slurry and lift
pump is due to recommence in July, 2015;
- Signed a contract with Gardline CGG Pte. Ltd. to provide exploration
services for Nautilus’s 2015 program in the Solomon Islands;
- Announced changes to the board of directors with the appointment of Tariq Al Barwani and the resignation of Usama Al Barwani;
- $97.6-million (U.S.) in cash and cash equivalents as at March 31, 2015.
Mike Johnston, Nautilus’s chief executive officer, commented: “We are delighted to have made such good progress since the beginning of the year with the build of our seafloor production equipment. For the next 12 months we will remain focused on the build of the PSV and the delivery of the equipment that is to be integrated in it.
“It is also very pleasing to have recommenced our exploration initiatives, with our first program planned for May this year in the Solomon Islands, as we advance our pipeline of seafloor massive sulphide systems in the southwest Pacific.”
The company remains committed to maximizing shareholder value by achieving its objective of developing the world’s first commercial high-grade seafloor copper-gold project and launching the deepwater seafloor resource production industry in 2018.
The financial statements and management’s discussion and analysis will be filed on SEDAR and will also be available on the company’s website.
